Saba Capital Reaches Agreement with Certain ClearBridge Funds

ClearBridge MLP and Midstream Fund, ClearBridge MLP and Midstream Total Return Fund, and ClearBridge Energy Midstream Opportunity Fund to Each Commence Cash Tender Offers for 50% of Their Shares at 100% of NAV

NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. and certain associated parties (collectively “Saba” or “we”) today announced that it has entered into a cooperation agreement with Franklin Templeton Fund Adviser, LLC (formerly known as Legg Mason Partners Fund Advisor, LLC) and the following funds that it advises: ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM), ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR), ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO), and LMP Capital and Income Fund Inc. (NYSE: SCD) (collectively, the “ClearBridge Funds”).

Under the terms of the agreement, three of the ClearBridge Funds – ClearBridge MLP and Midstream Fund Inc., ClearBridge MLP and Midstream Total Return Fund Inc., and ClearBridge Energy Midstream Opportunity Fund Inc. – each shall commence tender offers to purchase a maximum of 50% of their outstanding shares of common stock in cash. The tender offers provide all shareholders the opportunity to tender some or all of their common shares at a price equal to 100% of net asset value per share as determined as of the close of the regular trading session of the New York Stock Exchange on the next trading day after the expiration date of the original or extended tender offer. The terms of the agreement provide for Saba rescinding its nominees for director and shareholder proposals at each Fund’s next shareholder meeting and voting in favor of a merger between or among the ClearBridge Funds during its standstill period.

About Saba Capital

Saba Capital Management, L.P. is a global alternative asset management firm that seeks to deliver superior risk-adjusted returns for a diverse group of clients. Founded in 2009 by Boaz Weinstein, the Firm is a pioneer of credit relative value strategies and capital structure arbitrage. The Firm is headquartered in New York City. Learn more at www.sabacapital.com.