OVERLAND PARK, Kan. August 7, 2006 Tortoise Energy Infrastructure Corp. (NYSE: TYG) announced today that it will commence a public offering of approximately 1.67 million of its shares of common stock. The offering is made pursuant to an effective shelf registration statement on Form N-2 previously filed with the Securities and Exchange Commission. Purchasers of shares of common stock in the offering will be entitled to receive the third quarter dividend, on September 1, 2006 if the offering closes prior to the ex-dividend date of August 18, 2006.
The proceeds of the offering will be used primarily to repay $33 million of outstanding debt under a revolving credit facility, put in place to provide temporary funding for direct placement investments. During the third quarter, the company drew $32 million under the facility in order to complete two direct equity investments in Crosstex Energy, L.P. and Plains All American Pipeline, L.P.. The balance of the proceeds will be invested according to the company's investment objectives.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Stifel, Nicolaus & Company, Incorporated, will act as joint book-running managers for the offering. In addition, Lehman Brothers Inc., A.G. Edwards & Sons, Inc., Oppenheimer & Co. Inc., RBC Capital Markets Corporation, BB&T Capital Markets, a division of Scott & Stringfellow, and Morgan, Keegan & Company, Inc. will act as co-managers in the offering.
A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Merrill Lynch & Co., 4 World Financial Center, 250 Vesey Street, New York, New York, 10080 and Stifel, Nicolaus & Company, Incorporated, 501 North Broadway, St. Louis, Missouri, 63102. The preliminary prospectus supplement and prospectus are subject to completion. About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corporation's goal is to provide its shareholders with a high level of total return with an emphasis on current distributions to stockholders.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Infrastructure Corp. is a pioneer in the capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy infrastructure sector. To date, the adviser has approximately $1.8 billion of energy infrastructure investment assets under management.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of the securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. The offering may be made only by means of the prospectus and related prospectus supplement, which should be read carefully before investing. Investors should carefully consider the investment objective, risks, charges and expenses carefully before investing.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (913) 322-5839, firstname.lastname@example.org