Shearman & Sterling advised Miller/Howard Investments, Inc., a registered investment adviser, and the Miller/Howard High Income Equity Fund, a closed-end registered investment fund, in connection with the Fund’s initial public offering. The Fund raised $245 million, excluding any exercise of the underwriters’ option to purchase additional shares. If that option is exercised in full the Fund could raise up to $281.75 million.
The transaction was the first closed-end fund launched by Miller/Howard Investments, Inc. and one of the few closed-end registered investment funds with a ten-year term, which is designed to help reduce the discount commonly associated with closed-end funds. It was also the largest equity-focused closed end fund IPO since 2011.
The Shearman & Sterling team was led by of counsel Paul Schreiber (New York-Investment Funds) and included counsel Thomas Majewski (New York-Investment Funds) and associates Christopher Trueax (New York-Investment Funds) and Jesse Cuevas (San Francisco-Capital Markets), as well as partners Christopher Forrester (Palo Alto-Capital Markets), Nathan Greene (New York-Investment Funds) and Michael Shulman (Washington, DC-Tax); of counsel Jeff Quinn (New York-Tax); associates Nathan Tasso (Washington, DC-Tax), Judy Fisher (Washington, DC-Tax), and Will Forster (New York-Investment Funds); and Asset Management specialist Christine Kozel (New York-Investment Funds).