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- (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. – June 24, 2008 – Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that it intends to redeem the remaining $35 million of its Series III Auction Rate Preferred Shares on July 24, 2008 and the remaining $30 million of its Series IV Auction Rate Preferred Shares on July 23, 2008.
"These redemptions, along with our recently completed refinancing of Tortoise Notes, accomplishes either the elimination or extension of all of TYG's 28-day auction rate funding," said Chief Financial Officer, Terry Matlack. "We believe this benefits the company by reducing our immediate exposure to the volatility and uncertainty of the 28-day auction rate market while providing liquidity for our auction rate preferred stockholders. Going forward, we expect to continue to use leverage when it is expected to provide value creation to stockholders, and when we believe the all-in return from our investments will exceed our leverage costs."
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 May 31, 2008, the adviser had approximately $2.8 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.
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." Included among "forward-looking statements" are, among other things, statements about our intended use of proceeds from the offering. Although the company believes 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 does not assume a duty to update these forward-looking statements.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org