Market Overview

Tortoise Energy Infrastructure Prices Public Offering of Mandatory Redeemable Preferred Shares

Related TYG
UPDATE: Stifel Reiterates On Tortoise Energy Infrastructure Corp. As Merger Is Complete
Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of June 30, 2014

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.

Posted-In: News Offerings


Related Articles (TYG)

View Comments and Join the Discussion!