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OVERLAND PARK, Kan. - Sept. 7, 2007 - Tortoise Energy Infrastructure Corporation (NYSE: TYG) today announced that it has determined to exercise its option to designate the next succeeding rate period for $50 million of the Company's outstanding Auction Rate Senior Notes, Series B Due 2044 (CUSIP: 89147LAB6) (the "Series B Tortoise Notes") as a special rate period (the "Special Rate Period"). The terms of the Special Rate Period are set forth below.
The Special Rate Period will commence on September 12, 2007 and will continue through and including September 11, 2008. The rate for the Special Rate Period will be set at the next regular auction for the Series B Tortoise Notes, which will occur on September 11, 2007. During the term of the Special Rate Period, the Series B Tortoise Notes will not be subject to redemption at the option of the Company but will remain subject to the mandatory redemption provisions of the Indenture. The rate shall remain fixed for the duration of the Special Rate Period. The Company will, not later than 3:00 p.m. New York City time on September 10, 2007, notify the Auction Agent of its intent to proceed with the designation of the Special Rate Period.
About Tortoise Energy Infrastructure Corporation
Tortoise Energy Infrastructure owns a portfolio of master limited partnership investments in the energy infrastructure sector, primarily crude oil and refined petroleum products and natural gas and natural gas liquids pipelines. Tortoise Energy Infrastructure seeks to provide its stockholders a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Infrastructure Corp., is a pioneer in the 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. As of July 31, 2007, the adviser had approximately $3.1 billion of energy infrastructure investment assets under management.
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 the 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. Investors should consider the investment objective, risks, charges and expenses of the fund carefully before investing. For this and other important information, investors should refer to the prospectus supplement and prospectus, and read them carefully before investing.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org