Dec 3, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that it
has priced the sale of 8,000,000 of its 4.375 percent Series B Mandatory
Redeemable Preferred (MRP B) Shares at $10.00 per share. The company
estimates that its net proceeds from this offering, after expenses, will
be approximately $78 million.
The company intends to use the net proceeds of this offering to redeem
all $73 million of its outstanding 6.25 percent Series A Mandatory
Redeemable Preferred Shares. The company also may use net proceeds from
this offering to retire a portion of its short-term debt outstanding
under its credit facility, to invest in energy infrastructure companies
in accordance with its investment objective and policies or for working
capital purposes.
The MRP B Shares are expected to trade on the New York Stock Exchange
(NYSE) within 30 days of original issuance under the symbol "TYG Pr B."
The MRP B Shares are expected to be rated "AA" by Fitch Ratings. The MRP
B Shares have a fixed dividend rate of 4.375 percent with a mandatory
redemption on Dec. 31, 2027.
BofA Merrill Lynch and Wells Fargo Securities acted as joint
book-running managers for the offering.
The offering is made pursuant to an existing effective shelf
registration statement on Form N-2 previously filed with the Securities
and Exchange Commission. The offering of these securities will be made
only by means of a prospectus. A copy of the prospectus supplement and
prospectus relating to the offering may be obtained from:
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, 11th
Floor, New York, New York 10038, Attention: Prospectus Department,
Toll-free: 1-800-294-1322, E-mail: dg.prospectus_requests@baml.com
and Wells Fargo Securities, LLC,1525 West W.T. Harris Blvd., NC0675,
Charlotte, North Carolina 28262, Attn: Capital Markets Client Support,
calling toll-free 1-800-326-5897 or emailing: cmclientsupport@wellsfargo.com.
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.'s goal is to provide its stockholders a high
level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing
in listed energy infrastructure investments. As of Oct. 31, 2012, the
adviser had approximately $9.2 billion of assets under management in
NYSE-listed closed-end investment companies, an open-end fund and other
accounts. For more information, visit 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.
Forward-Looking Statement
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
this forward-looking statement.

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor
Relations
pkearney@tortoiseadvisors.com
Source: Tortoise Energy Infrastructure Corp.