- (NYSE: TYG) Tortoise Energy Infrastructure Corp.
- (NYSE: NTG) Tortoise Midstream Energy Fund, Inc.
- (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
November 15, 2005 (Overland Park, KS) Tortoise Energy Infrastructure Corporation (NYSE: TYG) announced today that it entered into interest rate swap arrangements to hedge its dividend payment obligations on its $70 million aggregate liquidation preference of Money Market Cumulative Preferred Shares ("MMP Shares"). By entering into the swaps, the company will protect itself from increasing interest expense on its leverage resulting from increasing short term interest rates. The company has fixed its interest rate at 5.2100% on $35 million aggregate liquidation preference of MMP Shares, and 5.2025% on $35 million aggregate liquidation preference of the MMP Shares. These swap arrangements mature in 2020. When combined with its existing swap arrangements, all of the company's leverage has now been hedged to protect against higher interest rates. The MMP Shares were rated 'Aa2' and 'AA' by Moody's Investors Service Inc. and Fitch Ratings, respectively.
About Tortoise Energy
Tortoise Energy Infrastructure Corporation's investment objective is to provide its stockholders with a high level of total return with an emphasis on current distributions paid to stockholders. Tortoise Energy owns a portfolio of investments in the energy infrastructure sector, primarily in pipeline and processing master limited partnerships.
Tortoise Capital Advisors, L.L.C. serves as the adviser to Tortoise Energy Capital 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.
Tortoise Capital Advisors, L.L.C.
Investor Relations at (913)981-1020