February 10, 2005 (Overland Park, KS) - The Board of Directors of Tortoise Energy Infrastructure Corporation (NYSE: TYG) today declared the company's first quarter dividend of $0.44 per share to be distributed on March 1 to stockholders of record on February 18. A portion of this dividend is expected to constitute return of capital for tax reporting purposes. The tax character of dividends received during the year may change due to portfolio activity. Final determinations will be reported to stockholders at the beginning of 2006.
The Company expects its dividends to increase due to growth in distributions from its investments in MLPs. Management anticipates its long-term dividend growth rate to be 4%, under current conditions. The Company has fully invested the proceeds of the equity offering completed December 22, 2004 and anticipates completing an additional offering of Tortoise Notes in the second quarter.
About Tortoise Energy
Tortoise Energy Infrastructure Corporation owns a portfolio of investments in the energy infrastructure sector, primarily pipeline and processing Master Limited Partnerships. Tortoise Energy's goal is to provide its stockholders with a high level of total return with an emphasis on current distributions to stockholders.
Tortoise Capital Advisors serves as the advisor to Tortoise Energy Infrastructure Corporation.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company's historical experience and its present expectations or projections. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements. There is no assurance that Tortoise Energy's investment objective will be attained.
Tortoise Energy Infrastructure Corporation
Investor Relations, 913-981-1020