July 15, 2004 (Overland Park, KS) - Tortoise Energy Infrastructure Corporation (NYSE:TYG) announced today that it has successfully completed an offering of auction rate senior notes raising a total of $110 million before fees and expenses of the transaction. The notes are rated 'Aaa" and 'AAA' by Moody's Investors Services, Inc. and Fitch Ratings, respectively.
Following the sale of the notes, total assets of Tortoise Energy Infrastructure Corporation will be approximately $410 million. Tortoise Energy intends to enter into interest rate risk management contracts in order to hedge its borrowing costs for the notes.
Lehman Brothers acted as book running manager and Stifel Nicolaus & Company also participated as an underwriter for the offering. Tortoise Notes may only be bought or sold through auction or in a secondary market maintained by certain broker-dealers.
About Tortoise Energy
Tortoise Energy is a nondiversified, closed-end, management investment company whose common shares began trading on the New York Stock Exchange under the symbol TYG on February 25, 2004. Each Tortoise Energy share represents a portfolio of strategically selected securities of master limited partnerships in the energy infrastructure sector. Tortoise Energy's investment objective is to seek a high level of total return with an emphasis on current distributions paid to stockholders. For more information about Tortoise Energy, visit our web site at www.tortoisecorp.com.
Tortoise Capital Advisors serves as the manager of Tortoise Energy Infrastructure Corporation. Following the notes offering, the adviser and its affiliates hold approximately $750 million of energy infrastructure investment assets under management.
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.
The foregoing may contain forward-looking statements. There is no assurance that Tortoise Energy's investment objective will be obtained.
Contact Information: Tortoise Capital Advisors, LLC, David J. Schulte, 913-981-1020