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Yahoo Finance
Tortoise Capital Plans Merger of Two Closed-End Funds and Strategic Review of Ecofin Sustainable and Social Impact Term Fund
PR Newswire
5 min read
In This Article:
OVERLAND PARK, Kan., Sept. 5, /PRNewswire/ -- Tortoise Capital Advisors, L.L.C., a fund manager focused on traditional energy and power infrastructure investing, today announced plans to merge two of its closed-end funds.
The board of directors of each of Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) and Tortoise Energy Infrastructure Corp. (NYSE: TYG) have approved the merger of NTG into TYG, with TYG as the surviving company. TYG invests in energy infrastructure companies and is positioned to benefit from growing energy demand and accelerated efforts to reduce global CO2 emissions from energy consumption. The combined assets of the two funds, including leverage, totaled $ million as of Aug. 31, Tortoise Capital Advisors, the manager of NTG and TYG, would continue to manage the combined fund with the same investment team. Subject to and upon completion of the merger, the board of TYG also approved a 40% increase in distributions, which will be paid monthly versus quarterly.
In
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Yahoo Finance
Tortoise Capital Completes Merger of Tortoise Energy Infrastructure Corp. (NYSE: TYG) and Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Capital
3 min read
In This Article:
Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced the completion of a strategic merger between Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) and Tortoise Energy Infrastructure Corp. (NYSE:TYG) with material emerging as the continuing fund. As of Dec. 20, , the combined total assets under management (AUM) of TYG was $ billion.
TYG will maintain its original investment strategy and objective, becoming Tortoise Capital's flagship closed-end fund solution for investors seeking exposure to energy in the closed-end fund structure. TYG provides investors with exposure to energy infrastructure, long-lived and essential midstream, power and renewable assets. It seeks a high level of total return, emphasizing current distributions.
"This merger represents a significant milestone for Tortoise Capital," said Tom Florence, CEO. "By combining the strengths of NTG and TYG, we are better positione
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TYG is designed to provide:
- Exposure to energy infrastructure, long-lived and essential, midstream, power and renewable assets
- Investment objective seeks high level of total return, emphasizing current distributions
- One (no K-1s)
- No Unrelated Business Taxable Income (UBTI)
- IRA and tax-exempt suitability
| Date | 2/14/ |
|---|---|
| Market Price | $ |
| NAV | $ |
| IPO Date | 2/24/ |
| IPO Price 1 | $ |
| Distribution Frequency | Monthly |
| As of 1/31/ | |
|---|---|
| Total Assets | $ billion |
| Leverage % of Total Assets 2 | % |
| Shares Outstanding | million |
| Management Fee 3 | % |
| Fiscal Year End | November 30 |
| CUSIP | L |