PRESS RELEASE
Source: Energy Income and Growth Fund
ENERGY INCOME AND GROWTH FUND PRICES PUBLIC FOLLOW-ON OFFERING OF COMMON SHARES
Wheaton, IL -- February 12, 2010 -- Energy Income and Growth Fund (the
"Fund") (NYSE Amex: FEN) announced today the pricing of a public offering of
common shares. The Fund agreed to sell a total of 700,000 common shares at a
price to the public of $22.00 per share (exclusive of 105,000 common shares that
the underwriters may purchase pursuant to a 30-day option to cover
over-allotments). Net proceeds from the offering of approximately $14.6 million
will be used to make additional portfolio investments that are consistent with
the Fund's investment objective and policies, and for general corporate
purposes. The offering is scheduled to close on February 18, 2010.
RBC Capital Markets is acting as sole book-running manager for the
offering. BB&T Capital Markets, Oppenheimer & Co. and Wunderlich Securities are
acting as co-managing underwriters on the offering. The offering is made
pursuant to an existing shelf registration statement on Form N-2 previously
filed with the Securities and Exchange Commission. The offering of these
securities will be made only by means of a prospectus. A copy of the
prospectus supplement relating to the offering may be obtained from the
following address:
RBC Capital Markets Corporation
Attn: Equity Syndicate Department
Three World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281
Telephone: (212) 428-6670
Fax: (212) 428-6260
Investors may also obtain these documents free of charge from the
Securities and Exchange Commission's website at www.sec.gov.
An investor should read the Fund's prospectus supplement carefully
before investing. The prospectus supplement contains important information about
the Fund and its investment objective and policies, risks, charges and expenses.
This press release does not constitute an offer to sell or a
solicitation to buy the securities described herein, nor shall there be any sale
of these securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or qualification
under the laws of such state or jurisdiction. A registration statement relating
to these securities was filed with, and has been declared effective by, the
Securities and Exchange Commission.
The Fund is a non-diversified, closed-end management investment company
which commenced investment operations in June 2004. The Fund's investment
objective is to seek a high level of after-tax total return with an emphasis on
current distributions paid to shareholders. The Fund seeks to provide its common
shareholders with an efficient vehicle to invest in a portfolio of
cash-generating securities of publicly traded master limited partnerships
("MLPs") and related public entities in the energy sector.
First Trust Advisors L.P., the Fund's investment advisor, along with
its affiliate First Trust Portfolios L.P., are privately-held companies which
provide a variety of investment services, including asset management, financial
advisory services, and municipal and corporate investment banking, with
collective assets under management or supervision of approximately $27 billion
as of December 31, 2009 through closed-end funds, unit investment trusts, mutual
funds, separate managed accounts and exchange-traded funds.
Energy Income Partners, LLC ("EIP") serves as the Fund's investment
sub-advisor and provides advisory services to a number of investment companies
and partnerships for the purpose of investing in MLPs and other energy
infrastructure securities. EIP is one of the early investment advisors
specializing in this area. As of December 31, 2009, EIP managed or supervised
approximately $352 million in client assets.
CONTACT:
Press Inquiries: Jane Doyle 630-765-8775
Analyst Inquiries: Jeff Margolin 630-915-6784
Broker Inquiries: Jeff Margolin 630-915-6784
Source: Energy Income and Growth Fund