- (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
OVERLAND PARK, Kan. - February 10, 2006 -- The Board of Directors of Tortoise Energy Infrastructure Corp. (NYSE: TYG) today declared the company's first quarter 2006 dividend of $0.48 per share, compared to $0.455 in the previous quarter and $0.44 in the same quarter of the prior year. The dividend will be distributed on March 1, 2006 to stockholders of record on February 21, 2006. This represents a 9.1 percent increase over the same quarter of the prior year, and a 5.5 percent increase over the distribution for the prior quarter.
"The investment objective set out in the IPO was growth with low risk," said Tortoise Capital Advisor's Managing Director David Schulte. "The solid fundamentals in the energy infrastructure sector of the U.S. economy led to impressive increases in distributions received from our investments. Further, risk was reduced since 100 percent of our variable rate leverage costs were swapped into long-term fixed interest rates. "
The company confirmed that this dividend is expected to be 100% return of capital for book purposes. This is subject to change based upon completion of the company's fiscal year. For tax purposes, the character of the dividend will be determined at year-end and will be reported to stockholders at the beginning of 2007 on their Form 1099.
2006 Annual Shareholders' Meeting
The company will discuss fiscal 2005 results at its annual shareholders' meeting on April 12, 2006 at 9 a.m. CST at the Doubletree Hotel, 10100 College Blvd. in Overland Park, Kan.
For those unable to attend the meeting, a listen-only conference call will be provided. Please dial the number approximately five to 10 minutes prior to the scheduled starting time:
U.S./Canada: (800) 218-0204
International: (303) 262-2140
The meeting will also be webcast in a listen-only format. The link to the webcast can be accessed at www.tortoiseenergy.com where supplemental information related to the meeting will also be available.
A replay of the meeting will be available beginning at 1 p.m. CST on April 12, 2006 and continuing until 12 a.m. C.T. April 26, 2006, by dialing (800) 405-2236 (U.S./Canada). The replay access code is 11052482#. A replay of the webcast will also be available on the company's Web site at www.tortoiseenergy.com through April 12, 2007.
About Tortoise Energy
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership in the energy infrastructure sector. Tortoise Energy's goal is to provide its shareholders with a high level of total return with an emphasis on current distributions to stockholders.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Infrastructure Corp., is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy infrastructure sector. Tortoise Capital Advisors also serves as the adviser to Tortoise Energy Capital Corp. (NYSE: TYY) and Tortoise North American Energy Corp (NYSE: TYN). To date, the adviser has approximately $1.6 billion of energy infrastructure investment assets under management. For more information, visit our website 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.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations