Rose Rock Midstream, L.P. announced that it has received $59.26 million in funding from a group of investors.
January 10, 2013 at 11:00 pm EST
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Rose Rock Midstream, L.P. (NYSE:RRMS) announced a private placement of 2,000,000 common units at $29.63 per unit with new investors for gross proceeds of $59,260,000 on January 8, 2013. Three funds managed by Legg Mason Partners Fund Advisor, LLC will subscribe for 506,244 units for $15,000,010; six funds managed by Tortoise Capital Advisors L.L.C. will subscribe for 438,745 units for $13,000,014; six funds managed by Harvest Fund Advisors, LLC and five funds managed by Salient Capital Advisors, LLC will subscribe for 422,038 units each for proceeds of $12,504,986 each; and funds managed by three other investors will subscribe for the remaining 210,935 units for proceeds of $6,250,004. Salient MLP Fund, LP, a fund managed by Telemus Investment Management, LLC will also invest in the transaction. Citigroup Global Markets, Inc. will serve as a placement agent to the company. All securities issued will have a lock up period of 90 days from closing. The company will pay up to $75,000 in reasonable fees and expenses of Baker Botts L.L.P. incurred by investors. Bill Cooper, Mike O'Leary, Courtney Butler, and Brooks Antweil of Andrews Kurth LLP will serve as a legal advisor to the company. Laura L. Tyson of Baker Botts L.L.P will serve as a legal advisor to the investors.
On January 11, 2013, Rose Rock Midstream, L.P closed the transaction. The round involved participation from 27 investors. All securities were issued pursuant to Regulation D. Citigroup Global Markets, Inc received $1,185,200 as sales commission.
Tortoise Energy Independence Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company focused on North American crude oil and natural gas production. The Fund's primary investment objective is to seek a high level of total return with an emphasis on current distributions. The Fund invests primarily in equity securities of upstream North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a significant presence in North American oil and gas fields, including shale reservoirs. The Fund is focused on investing at least 80% of its total assets in equity securities of North American energy companies, including at least 50% of its total assets in equity securities of upstream energy companies. It may invest approximately 35% of its total assets in securities of non-United States issuers. Tortoise Capital Advisors, L.L.C. serves as the Fund's investment advisor.
TORTOISE ENERGY INDEPENDENCE FUND, INC. 
