Last month, Cohen & Steers REIT and Utility Income Fund Inc., launched in January, priced a total of $570 million in auction market preferred shares. After the sale of the new shares, the fund's managed assets will total approximately $1.7 billion. Also in March, the company launched Cohen & Steers Select Utility Fund and issued 41.3 million shares at $20 per share, expecting to raise approximately $825 million in assets. According to the company, the fund's combined assets could be more than $1.3 billion.
Merrill Lynch will act as the bookrunning manager; UBS Investment Bank and Wachovia Securities will be senior co-managers. Bear Stearns & Co. Inc. will serve as a co-manager. The proposed offering relates to shares to be sold by the company and by selling stockholders. The stock is expected to trade on the New York Stock Exchange under the symbol CNS. The company is currently in a customary quiet period.
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