LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise MLP Fund, Inc. (NYSE: NTG) (the “Company”) today announced the results of its transferable rights offering (the “Offer”). The offer commenced on June 19, 2018 and expired on July 18, 2018 (the “Expiration Date”). The Offer entitled the rights holders to subscribe for up to an aggregate of 15,802,094 shares of common stock, $0.001 par value per share (“Common Stock”). The subscription price was $14.64 per share of Common Stock, and was determined based upon the formula equal to 90% of the net asset value (“NAV”) per share of Common Stock at the close of trading on the New York Stock Exchange (“NYSE”) on the Expiration Date. The Offer was over-subscribed. Shares of Common Stock will be issued promptly after completion and receipt of all stockholder payments and the pro-rata allocation of Common Stock in respect of the oversubscription privilege.
Gross proceeds of the Offer are expected to be approximately $231 million. The Company intends to invest the net proceeds of the Offer in accordance with its investment objective and policies.
This document is not an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction where the offer or sale is not permitted. This document is not an offering, which can only be made by a prospectus. Investors should consider the Company's investment objectives, risks, charges and expenses carefully before investing.
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE: NTG) owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions.
Tortoise specializes in essential assets and income. Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Tortoise’s energy investing expertise across the energy value chain, including infrastructure and MLPs, dates back more than 15 years. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit www.tortoiseadvisors.com.
Tortoise Capital Advisors, L.L.C. (the “Adviser”) is the Adviser to the Tortoise MLP Fund, Inc.
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.
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 Company and Tortoise Capital Advisors believe 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 Company’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 Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.