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Tortoise Energy Infrastructure Corp., 3.95% Ser C Mand Red Pfd Shares 5/1/2018
Ticker Symbol: TYG-C* CUSIP: 89147L803 Previous CUSIP: 89148J203 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/08/2016
Security has been Called for: Friday, January 8, 2016
From the form N-23C-2 filed with the SEC on 12/9/2015 -- The current intention of the Company is that it will redeem all of the outstanding Series C MRP Shares, representing an aggregate liquidation preference amount of $50,000,000, at a total redemption price of $50,202,990.00 and a redemption price per share of $10.040598. The redemption price per share is equal to $10.00, plus (i) accrued dividends of $0.040598, calculated using the current dividend rate of 3.95% accrued to the Redemption Date. ____________ June 23, 2014 -- Tortoise Capital Advisors today announced the completion of the merger of Tortoise Energy Infrastructure Corp. (TYG), Tortoise Energy Capital Corp. (TYY) and Tortoise North American Energy Corp. (TYN). TYG acquired substantially all of the assets and liabilities of TYY and TYN in a tax-free transaction in exchange for an equal aggregate value of newly issued TYG common stock and cash proceeds for fractional shares. The exchange rates were based on each fund’s relative net asset value (“NAV”) per share as of June 20, 2014, as listed below:
Acquiring Fund
NAV per share
Exchange Rate*
Tortoise Energy Infrastructure Corp. (TYG) $50.950702
Acquired Funds
Tortoise Energy Capital Corp. (TYY) $38.186476 0.749479
Tortoise North American Energy Corp. (TYN) $33.319609 0.653958
*Acquired Fund NAV per share/TYG NAV per share
Additionally, TYY preferred stockholders received an equivalent number of newly issued TYG Series C Mandatory Redeemable Preferred shares with terms identical to their previously held TYY Series C Mandatory Redeemable Preferred shares. TYG’s post-merger total assets and NAV were approximately $4.4 billion and $2.4 billion, respectively. Its NAV per share was $50.95, with approximately 48.0 million shares outstanding.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Tortoise Energy Infrastructure Corp., formerly the Tortoise Energy Capital Corp., 3.95% Series C Mandatory Redeemable Preferred Shares, liquidation preference $10 per share. The shares are redeemable at the issuer's discretion on or after 6/1/2012 at $10 per share plus an optional redemption premium of 2% ($0.20) per share which declines to a premium of 1% by 5/1/2013, which declines to a premium of 0.5% on 5/1/2014 and which declines to $0 after 5/1/2015 (see page S-13 of the prospectus). The company is required to redeem the preferred shares on 5/1/2018. Cumulative distributions of 3.95% ($0.395 per annum or $0.032917 monthly) 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). The preferred is expected to be rated AA by Fitch at the IPO. The dividend rate of the preferred is subject to upward adjustment if the Fitch credit rating for the preferred declines below an A rating (see page S-12 of the prospectus for details). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-17 of the prospectus for further information). 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 - 4/13/2012 - 5.00 Million Shares @ $10.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: TYY-C Changed: 6/23/2014
Previous Name: Tortoise Energy Capital Corp., 3.95% Series C Mand Redeem Pfd Shares, 5/1/2018 Changed: 6/23/2014
Market Value $50.0 Million
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 |
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