Tortoise Capital Advisors, LLC today announced the initial public offering of common stock of Tortoise Energy Infrastructure Corporation, a closed-end management investment company (the "Corporation"). The Corporation will issue 11 million shares at $25 per share, raising gross proceeds of $275 million -- an amount that excludes an additional 1,650,000 shares that may be issued if the underwriters exercise their over-allotment option. Shares will begin trading today on the New York Stock Exchange under the symbol "TYG". All of the shares were offered by the Corporation. Stifel, Nicolaus & Company, Incorporated acted as book running co-lead manager along with Lehman Brothers, RBC Capital Markets, and Oppenheimer as co-lead managers.
The Corporation's objective is to seek a high level of total return with an emphasis on current distributions paid to its shareholders. The Corporation intends to invest primarily in Master Limited Partnerships (MLPs) of energy infrastructure companies engaged in the business of transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil, or refined petroleum products. The shareholders of the Corporation will benefit from simplified tax administration, as shareholders will receive one Form 1099 rather than K-1s from numerous MLPs.
Tortoise Capital Advisors, LLC, formed in 2002, specializes in the management of energy infrastructure MLP portfolios. Tortoise Capital Advisors, LLC and its affiliates have approximately $9.7 billion in assets under management as of December 31, 2003. Collectively, they manage approximately $367 million in public and private equity and public debt securities issued by energy infrastructure companies, including MLPs. Tortoise Capital Advisors, LLC is controlled equally by Fountain Capital Management, L.L.C. and Kansas City Equity Partners LC. Atlantic Asset Management LLC is an affiliate of Fountain Capital Management, L.L.C.
In addition to serving as Adviser to the Corporation, Tortoise Capital Advisors, LLC serves both individual and institutional investors through separate privately managed account services.
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.
For more complete information about the Corporation or its common share offering, including charges and expenses, or for copies of the prospectus relating to the offering, please contact Stifel, Nicolaus & Company, Incorporated, 501 North Broadway, St. Louis, MO 63102.
Contact Information: Tortoise Capital Advisors, LLC David J. Schulte, 913-981-1020