Goldman Sachs Asset Management (“GSAM”), investment adviser for the Goldman Sachs MLP Income Opportunities Fund (GMZ) and Goldman Sachs MLP and Energy Renaissance Fund (GER) (together, the “Funds”), announced that, at the joint special meeting of shareholders held earlier today, shareholders of GMZ have approved an Agreement and Plan of Reorganization providing for the reorganization of GMZ with and into GER (the “Reorganization”) and shareholders of GER have approved the issuance of additional common shares of GER in connection with the Reorganization.
“While it has been a difficult time in the energy space, we are happy that investors approved the reorganization of the Funds. This consolidation should allow for a more efficient cost structure and thus a better opportunity to deliver long-term value to investors,” said Portfolio Manager Kyri Loupis.
It is currently expected that the Reorganization will be completed after the close of business on Friday, September 25, 2020, subject to all applicable regulatory requirements and other customary closing conditions being satisfied. After September 25, 2020, GMZ shares will no longer be available to purchase or sell on the New York Stock Exchange. When the New York Stock Exchange opens on Monday, September 28, 2020, shareholders of GMZ will hold newly issued common shares of GER, the aggregate net asset value (“NAV”) (not the market value) of which will equal the aggregate NAV (not the market value) of the common shares of GMZ held by such shareholders immediately prior to the Reorganization (although shareholders will receive cash for fractional common shares). Detailed information on the Reorganization is contained in the Joint Proxy Statement/Prospectus previously filed with the SEC.
Each Fund is a non-diversified, closed-end management investment company managed by GSAM’s Energy & Infrastructure Team, which is among the industry’s largest master limited partnership (“MLP”) investment groups. The Goldman Sachs MLP Income Opportunities Fund began trading on the NYSE on November 26, 2013, and the Goldman Sachs MLP and Energy Renaissance Fund began trading on the NYSE on September 26, 2014.
Each Fund seeks a high level of total return with an emphasis on current distributions to shareholders. The Goldman Sachs MLP Income Opportunities Fund invests primarily in MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests primarily in MLPs and other energy investments. Each Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Goldman Sachs MLP and Energy Renaissance Fund invests across the energy value chain, including upstream, midstream and downstream investments.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), and supervises $1.88 trillion as of June 30, 2020.1 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that a Fund will meet its investment objective. Past performance does not guarantee future results. Investments in securities of MLPs involve risks that differ from investments in common stock, including among others risks related to limited control and limited rights to vote on matters affecting MLPs, potential conflicts of interest risk, cash flow risks, dilution risks and trading risks.
Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this press release concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. Each Fund has completed its initial public offering. Investors should consider their investment goals, time horizons and risk tolerance before investing in a Fund. An investment in a Fund is not appropriate for all investors, and each Fund is not intended to be a complete investment program. Investors should carefully review and consider a Fund’s investment objective, risks, charges and expenses before investing.
For additional information, please visit the Funds’ website at www.GSAMFUNDS.com/cef.
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Compliance Code: 215028-OTU
Date of First Use: September 10, 2020
Patrick Scanlan Tel: 212-902-6164