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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Sunday, January 28, 7:07 AM

Slide #366. 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 registered as a non-diversified, closed-end management investment company. Co.'s investment objective is to seek a high level of total return. Co. focuses to invest at least 90% of its total assets in securities of energy infrastructure companies, and to invest at least 70% of its total assets in equity securities of Master Limited Partnerships. Co. may invest up to 25% of its assets in debt securities. As of Nov 30 2016, Co.'s investment portfolio was $2,580,222,084 and total assets were $2,593,721,819.

Preferreds: TYG.PRB, TYG.PRC

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Name: Tortoise Energy Infrastructure Corp
Sector: Investment Companies & Venture Capital

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