April 13, 2005 (Overland Park, KS) - Tortoise Energy Infrastructure Corporation (NYSE:TYG) has released its first quarter 2005 report to stockholders. The full report is available online at www.tortoiseenergy.com. Stockholders can also request a copy of the report from the Company by calling (913) 981-1020.
Commenting on the quarter, Chief Executive Officer David Schulte said, "During the quarter we completed a $55.2 million follow-on equity offering, which I believe is the first such offering completed by a closed-end fund in more than a decade. The proceeds of the offering have been invested in MLPs in the energy infrastructure sector." Following that issuance of approximately 2 million common shares, the Company paid a quarterly dividend of $0.44 for the quarter ended February 28, 2005, which represented an increase over the prior quarter. Mr. Schulte also stated, "Subsequent to the quarter end we also completed a $55 million offering of Series C Tortoise Notes, the proceeds of which will also be invested in MLPs in the energy infrastructure sector. We remain pleased with the implementation of our investment strategy and remain comfortable with our expectation of 4% annual growth in the dividend for this year."
Tortoise Energy Annual Stockholders' Meeting
Tortoise Energy announced that it will broadcast its first annual stockholders' meeting via conference call on Friday, April 15, 2005, at 9:00 a.m. CDT. At this time management will discuss the Company's 2004 year-end performance and its first quarter 2005 report. The toll-free dial in number for this call is 800-218-0713. The supplemental slide presentation can also be accessed online at http://www.actioncast.acttel.com, then enter the Event ID: 28224. A digital replay will be available for two weeks following the call by dialing 800-405-2236 and using the passcode 11027830#. An archived web cast and transcript of the call will also be available on the Company's web site at www.tortoiseenergy.com.
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, L.L.C. serves as the adviser 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