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By Preferred Stock Channel Staff, updated Sunday, April 5, 2:24 PM

Slide #435. Tortoise Energy Infrastructure Corp. Preferred Stock Offering

Company: Tortoise Energy Infrastructure Corp. (NYSE:TYG)
Security type: 4.375 percent Series B Mandatory Redeemable Preferred (TYG.PRB)
Shares Offered: 8,000,000
Date of Pricing: 12/3/2012
Price Per Share: $10
Preferred Stock Offering Details: Tortoise Energy Infrastructure Corp. 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.

Tortoise Energy Infrastructure is a closed-end management investment company. The Fund's investment objective is to seek high total return with an emphasis on current distributions.

Preferreds: TYG.PRB, TYG.PRC


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Name:  Tortoise Energy Infrastructure Corp
Website:  www.tortoiseadvisors.com
Sector:  Investment Companies & Venture Capital
 

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