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Tortoise Energy Infrastructure Corp., 6.25% Mand Redeem Pfd Shares, 12/31/2019
Ticker Symbol: TYG-A* CUSIP: 89147L605 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/07/2013
Security has been Called for: Monday, January 7, 2013
Dec 3, 2012 -- Tortoise Energy Infrastructure Corp. (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.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Tortoise Energy Capital Corp., 6.25% Mandatory Redeemable Preferred Shares, Series 2016, liquidation preference $10 per share. The shares are redeemable at the issuer's discretion after December 31, 2012 at $10 per share plus an optional redemption premium per share of 1% which declines to $0 after 12/31/2014 (see page S-17 of the prospectus). The company is required to redeem the preferred shares on December 31, 2019. In addition, preferred shares are subject to optional and mandatory redemption by the company in certain circumstances described in this prospectus. Cumulative distributions of 6.25% ($0.625) per annum will be paid monthly on the first business day of each month to holders of record on the record date which will be the 15th day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). Dividends paid by the preferred are eligible prior to 1/1/2011 for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-18 of the prospectus for further information). It is a condition of the underwriters’ obligation to purchase the shares that the shares will be rated no less than Aa2 by Moody’s and AA by Fitch as of the Original Issue Date. There can be no assurance that such ratings will be maintained at the level originally assigned through the term of the shares. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds of the company and senior to the common shares of the company. See the IPO prospectus for further information on the mandatory redeemable preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (TYG)
IPO - 12/10/2009 - 6.50 Million Shares @ $10.00/share.
Link to IPO Prospectus
Market Value $65.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 11550 Ash Street, Suite 300, Leawood, KS 66211 |
| Main Phone Number |
913-981-1020 |
| Fax Number |
913-981-1021 |
| Investor Relations
Pam Kearney
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866-362-9331
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| Toll Free Phone Number |
866-362-9331 |
| CEO - Terry C. Matlack |
CFO - P. Bradley Adams |
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