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- (NYSE: TPZ) Tortoise Power & Energy Infrastructure Fund, Inc.
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OVERLAND PARK, Kan. - April 10, 2008 - Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that it has completed a private offering of $150 million of Series E Senior Notes. The Notes are due in seven years and bear a fixed interest rate of 6.11 percent. The proceeds will be used to pay down its credit facility of approximately $45 million, redeem its Series D Senior Notes of $70 million, and redeem $15 million of its Series III Preferred Shares and $15 million of its Series IV Preferred Shares.
"We are pleased with our progress to date in refinancing auction rate securities, returning capital to those who invested in our senior notes and preferred shares. We believe this financing has attractive terms that will allow beneficial returns to common stockholders from the MLP investments that would not be available without leverage," said Chief Financial Officer, Terry Matlack. "We intend to continue our efforts to secure alternative financing sources to allow redemption of all remaining Series III and Series IV Preferred Shares."
As the remaining Series III and IV Preferred Share auction rates reset, the company will update the information on its Web site at www.tortoiseadvisors.com.
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
Tortoise Capital Advisors, LLC 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 sector. As of March 31, 2008, the adviser had approximately $2.6 billion of assets under management. 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.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, email@example.com