LEAWOOD, Kan. – Sept. 14, 2010 – Tortoise MLP Fund, Inc. (NTG) today announced that during the overallotment period the underwriters exercised their option to purchase 3,000,000 shares, representing approximately $71 million in net proceeds. As a result, an aggregate of 45.4 million shares of common stock have been issued in connection with this offering. All shares were issued at $25 per share, resulting in total net proceeds to the company, after payment of underwriting discounts and offering expenses, of approximately $1.08 billion. The option period has closed and no additional shares will be issued pursuant to the overallotment option. The company expects to use the proceeds to invest in accordance with its investment objectives and policies and for working capital purposes.
The underwriting syndicate was led by Morgan Stanley, Citi, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities. Senior co-managers included Stifel Nicolaus Weisel, Barclays Capital, Oppenheimer & Co., and RBC Capital Markets.
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund's investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions. The fund seeks to achieve its investment objective by investing primarily in energy infrastructure master limited partnership (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of Aug. 31, 2010, the adviser had approximately $4.8 billion of assets under management in six NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.com. 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.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.
Contact information: Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org