July 27, 2012 -- LEAWOOD, Kan.--()--Tortoise Capital Advisors, L.L.C. (“Tortoise”) is pleased to announce the launch of Tortoise Energy Independence Fund, Inc. (the “Fund”). The Fund raised $325 million in gross proceeds, and should the underwriters exercise their overallotment option in full, which may or may not occur, the Fund will have raised approximately $374 million. The Fund’s shares are to commence trading on the NYSE today under the symbol “NDP.”
The Fund provides access to what Tortoise believes is an extended period of North American oil and gas production growth, which is expected to support North American energy independence. The Fund intends to focus primarily on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a strong presence in North American oil and gas reservoirs. The Fund's investment objective is to provide its stockholders a high level of total return, with an emphasis on current distributions.
Montage Investments and its affiliates played an important role in providing sales and marketing support to Tortoise during the offering.
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.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. An offer will be made only by means of the prospectus. An investor should carefully read the Fund’s prospectus, which includes a discussion of investment objectives, risk factors, fees and expenses, before investing. A copy of the final prospectus relating to the offering may be obtained, when available, from UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171 or by calling 888-827-7275, from BofA Merrill Lynch, Attention: Prospectus Department, 222 Broadway, New York, NY 10038, or emailing a request to email@example.com or from Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by calling (800) 326-5897 or emailing a request to firstname.lastname@example.org.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments. As of June 30, 2012, the adviser had approximately $7.7 billion of assets under management in NYSE-listed closed-end funds, an open-end fund and other accounts.
About Montage Investments
Montage Investments, an affiliate of Tortoise, brings together a unique group of institutional investment managers – each offering a distinct approach to money management that reflects many decades of professional experience and proprietary investment strategies across global asset classes. Currently managing over $10 billion for institutions and high-net worth clients, the firm’s structure allows individual investment managers to retain boutique processes, talent and culture that have records of adding value to portfolios and meeting client objectives.
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.