February 2, 2005 (Overland Park, KS) -Tortoise Energy Infrastructure Corporation (NYSE: TYG) today announced results for its initial fiscal period ended November 30, 2004. The full report is available online at www.tortoiseenergy.com.
At November 30, 2004, total net assets of Tortoise Energy were $336.5 million, and the NAV per share was $26.53 based on 12,684,154 shares outstanding. Tortoise Energy's common stock closed on the New York Stock Exchange on November 30, 2004 at $27.06 per share. As of that date, the company had invested approximately $445.9 million in securities of MLPs. For the fiscal period from February 27, 2004 (commencement of operations) through November 30, 2004, Tortoise Energy's net increase in net assets attributable to common stockholders from operations was $47.4 million, equal to $3.74 per share outstanding at the end of the period.
On December 16, 2004, Tortoise Energy completed the follow-on offering of common stock. Including shares issued upon the exercise of the underwriters over allotment option, Tortoise Energy issued approximately 2.0 million shares of common stock at $27.35 per share, raising net proceeds of approximately $53.1 million.
The company further announced that as of January 31, 2005, NAV was up 7.7% to $28.56 per share, compared to $26.53 at November 30, 2004, based upon 14,744,095 shares outstanding.
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. For more complete information about Tortoise Energy, visit the Company's Web site at www.tortoiseenergy.com or contact Investor Relations at (913) 981-1020.
Tortoise Capital Advisors serves as the advisor 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