Tortoise Captial Advisors
 

Tortoise Energy Independence Fund Announces Exercise of Over-Allotment Option

Sep 12, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)-- Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that the underwriters of its initial public offering of common shares, which was completed on July 31, 2012, have exercised their over-allotment option and purchased an additional 1.5 million shares, representing $37.5 million in gross proceeds. The closing of the exercise of the over-allotment option occurred today, Sept. 12, 2012. In total, an aggregate of 14.5 million shares have been issued in connection with NDP's public offering, with total gross proceeds of $362.5 million.

The underwriting syndicate was led by UBS Investment Bank, BofA Merrill Lynch and Wells Fargo Securities. Senior co-managers included Barclays, Oppenheimer & Co., RBC Capital Markets and Stifel Nicolaus Weisel.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments. As of Aug. 31, 2012, the adviser had approximately $8.6 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts.

Forward-Looking Statement

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Fund and Tortoise believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Fund and Tortoise do not assume a duty to update any forward-looking statement.

Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com

Source: Tortoise Energy Independence Fund, Inc.