Tortoise Energy Infrastructure Prices Public Offering of Mandatory Redeemable Preferred Shares
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.
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