Tortoise to launch $40 million incremental term loan B on Monday

By Sara Rosenberg

New York, May 30 – Tortoise Borrower LLC is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a $40 million incremental term loan B, according to a market source.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to fund the acquisition of the midstream energy asset management business of Advisory Research Inc., a subsidiary of Piper Jaffray Cos.

Closing is expected in the second half of the year, subject to regulatory approval and customary conditions, including fund board/shareholder approval.

Tortoise is a Leawood, Kan.-based provider of investment solutions and market insights.

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