- (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. May 12, 2006 - Tortoise Energy Infrastructure Corp. (NYSE: TYG) today declared the company's second quarter 2006 dividend of $0.50 per share, compared to $0.48 in the previous quarter and $0.445 in the same quarter of the prior year. This represents a 12.4 percent increase over the same quarter of the prior year, and a 4.2 percent increase over the distribution for the prior quarter. The dividend will be distributed on June 1, 2006 to stockholders of record on May 23, 2006.
"The $2.00 annualized dividend is a significant benchmark, representing an 8 percent yield on the IPO price of $25.00, and a 16.3 percent increase over the full run-rate dividend of $1.72 set in the 4th quarter of 2004," said Tortoise Capital Advisors Managing Director, Dave Schulte. "Our recent dividend increases are in excess of long-term expectations, due to solid growth in the economy and the increasing importance of MLPs as both acquirers and developers of infrastructure. Over the long-term, we believe your company's dividends should continue to steadily grow."
Based on current company financial information, this dividend is expected to consist of 100 percent return of capital for book purposes. This is subject to change based upon completion of the company's fiscal year ending November 30. 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.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnerships (MLPs) in the energy infrastructure sector. Tortoise Energy's goal is to provide its stockholders with a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Infrastructure Corp., is a pioneer in the capital markets for investment companies 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 $1.7 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,