- (NYSE: TYG) Tortoise Energy Infrastructure Corp.
- (NYSE: NTG) Tortoise Midstream Energy Fund, Inc.
- (NYSE: TTP) Tortoise Pipeline & Energy Fund, Inc.
- (NYSE: NDP) Tortoise Energy Independence Fund, Inc.
- (NYSE: TPZ) Tortoise Power & Energy Infrastructure Fund, Inc.
- (NYSE: TEAF) Ecofin Sustainable and Social Impact Term Fund
LEAWOOD, Kan. – Dec. 17, 2009 – Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that it has entered into an agreement to issue private placement senior notes totaling $59,975,000. The Series F Notes totaling $29,975,000 are due December 2012 and bear a fixed interest rate of 4.50 percent. The Series G Notes totaling $30,000,000 are due December 2016 and bear a fixed interest rate of 5.85 percent. The company expects to complete the issuance of these notes on Dec. 21, 2009.
The company intends to use the proceeds to redeem its $60,000,000 Series A Auction Rate Senior Notes on Dec. 21, 2009. The Series A Auction Rate Senior Notes currently bear a fixed interest rate of 6.75 percent.
"We are pleased to announce this financing which upon completion fulfills our previously stated plan to redeem all auction rate securities when the capital markets provided a suitable leverage alternative benefitting all TYG stockholders," said Terry Matlack, Chief Financial Officer for Tortoise Energy Infrastructure Corp. "TYG now has a solid capital structure with short term, mid term and longer term maturities."
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.'s goal is to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of Oct. 31, 2009, Tortoise had approximately $2.5 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, 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.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, email@example.com