By Lisa Kerner
Charlotte, N.C., Dec. 17 - Tortoise Energy Infrastructure Corp. agreed to issue senior notes totaling $59.98 million in a private placement.
According to a Tortoise Energy news release, the series F notes totaling $29.98 million are due December 2012 and bear a fixed interest rate of 4.5%.
The series G notes totaling $30 million are due December 2016 and bear a fixed interest rate of 5.85%.
Tortoise Energy said it expects to complete the issuance of the notes on Monday.
Proceeds will be used to redeem the company's $60 million series A auction-rate senior notes on Monday. The notes currently bear a fixed interest rate of 6.75%, according to the release.
"We are pleased to announce this financing, which upon completion fulfills our previously stated plan to redeem all auction-rate securities when the capital markets provided a suitable leverage alternative benefiting all TYG stockholders," Tortoise Energy chief financial officer Terry Matlack said in the release.
The company now has a "solid capital structure with short-term, mid-term and longer-term maturities," Matlack said.
Tortoise Energy, based in Leawood, Kan., owns a portfolio of master limited partnership investments in the energy infrastructure sector.
| Issuer: | Tortoise Energy Infrastructure Corp.
|
| Issue: | Senior notes
|
| Amount: | $59,975,000
|
| Settlement date: | Dec. 21
|
| Distribution: | Private placement
|
|
|
| Series F notes
|
| Issue: | Series F notes
|
| Amount: | $29,975,000
|
| Maturity: | December 2012
|
| Coupon: | 4.5%
|
| Price: | Par
|
|
|
| Series G notes
|
| Issue: | Series G notes
|
| Amount: | $30 million
|
| Maturity: | December 2016
|
| Coupon: | 5.85%
|
| Price: | Par
|
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