LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise Capital Advisors today announced that stockholders of its MLP closed-end funds Tortoise Energy Infrastructure Corp. (NYSE: TYG), Tortoise Energy Capital Corp. (NYSE: TYY) and Tortoise North American Energy Corp. (NYSE: TYN) approved the merger of the funds.
TYG will be the surviving fund, with stockholders of TYY and TYN receiving shares of TYG. The exchange rate will be determined based on each fund’s relative net asset value per share as of June 20, 2014.
The funds have similar investment strategies and portfolios focusing primarily on midstream energy infrastructure master limited partnerships (MLPs) and similar investment objectives that seek to provide stockholders a high level of total return, with an emphasis on current distributions. The combined fund will continue to pursue these investment strategies and objectives.
“We are very pleased with today’s outcome and wish to thank all of our TYG, TYY and TYN stockholders who took the time to vote on this important matter,” said Managing Director and CFO of the Tortoise closed-end funds, Brad Adams. “We expect stockholders of these merged funds will benefit from operating cost savings and expected distribution growth, enhanced market liquidity and greater financial flexibility.”
A Questions & Answers document and a slide presentation regarding the merger are located in the closed-end fund section of the adviser’s website here.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of April 30, 2014, the adviser had approximately $16.4 billion of assets under management in NYSE-listed closed-end investment companies, open-end funds and other accounts. For more information, visit www.tortoiseadvisors.com
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 funds and Tortoise Capital Advisors 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 funds’ 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 funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
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 these 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.