Tortoise Energy Infrastructure announces $10-par offering of mandatory redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Dec. 3 - Tortoise Energy Infrastructure Corp. is planning an offering of $10-par series B mandatory redeemable preferred stock, according to a prospectus filed with the Securities and Exchange Commission on Monday.

The shares are mandatorily redeemable on Dec. 31, 2027. Additionally, the firm can redeem the preferreds at any time during the three years following the first dividend payment.

Dividends will be payable on a monthly basis.

The nondiversified, closed-end management investment company intends to list the preferreds on the New York Stock Exchange under the ticker symbol "TYGPB."

Bank of America Merrill Lynch and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used along with borrowings from a credit facility or other working capital to redeem currently outstanding mandatory redeemable preferreds and for energy infrastructure investments.

The company is based in Leawood, Kan.

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