- (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) Tortoise Sustainable and Social Impact Term Fund
OVERLAND PARK, Kan. - May 30, 2007 - Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that it has completed an offering of $70 million in Auction Rate Senior Notes, Series E ("Tortoise Notes"). The Tortoise Notes are rated 'Aaa' from Moody's Investors Service Inc. and 'AAA' from Fitch Ratings, and were issued in denominations of $25,000.
Lehman Brothers Inc. acted as the lead underwriter. Merrill Lynch, Pierce, Fenner & Smith, Incorporated, A.G. Edwards & Sons, Inc., Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated and Wachovia Capital Markets, LLC also participated as underwriters for the offering. Tortoise Notes may only be bought or sold through an auction or in a secondary market maintained by certain broker-dealers. There is no assurance that such a market will be maintained.
Tortoise Energy Infrastructure intends to use a portion of the net proceeds of this offering to retire the outstanding balance under the company's unsecured credit facility, and the remaining net proceeds to make investments in energy infrastructure companies in accordance with its investment objective and policies and for working capital purposes.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp. 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 April 30, 2007, the adviser had approximately $2.9 billion of 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 closed-end fund's most recent prospectus supplement and its accompanying prospectus and read it carefully before investing.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, pkearney@tortoiseadvisors.com