Reaves Utility Income Fund doubles ATM offering capacity to 16.1M shares

REAVES UTILITY INCOME FUND

Amended distribution agreement on Feb 6, 2024, increasing maximum shares from 8M to 16,065,000.
Offering is 'at-the-market' under Rule 415 via Paralel Distributors LLC.
Sub-placement agent agreement with UBS Securities LLC also amended to reflect the new amount.
Shares may not be sold below net asset value per Investment Company Act of 1940.
Proceeds from the offering will be used for general fund purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

REAVES UTILITY INCOME FUND amended SPAA Amendment with UBS Securities LLC valued at 16,065,000 Common Shares (effective 2024-02-06).

Action: amendment
Agreement: atm program
Counterparty: UBS Securities LLC
Value: 16,065,000 Common Shares
Effective: 2024-02-06

Exact text from the filing

In conjunction with the Distribution Amendment, on February 6, 2024, a corresponding amendment (the “SPAA Amendment”) was made to the Sub-Placement Agent Agreement to reflect the updated offering amount of 16,065,000 Common Shares under the Distribution Agreement.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

REAVES UTILITY INCOME FUND amended Distribution Agreement Amendment with Paralel Distributors LLC valued at 16,065,000 Common Shares (effective 2024-02-06).

Action: amendment
Agreement: atm program
Counterparty: Paralel Distributors LLC
Value: 16,065,000 Common Shares
Effective: 2024-02-06

Exact text from the filing

On February 6, 2024, Reaves Utility Income Fund (NYSE American: UTG) (the “Fund”) amended (the “Distribution Agreement Amendment”) its distribution agreement (the “Distribution Agreement”), originally entered into on September 19, 2022, with Paralel Distributors LLC (“Paralel Distributors”).

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REAVES UTILITY INCOME FUND filing history →

Source: SEC EDGAR

accession 0001999371-24-001602

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