Tortoise MLP Fund, Inc. (NTG) Announces the Results of Its Rights Offering
July 19 2018 - 7:45AM
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.
About Tortoise
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.
Forward-looking statement
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180719005251/en/
TortoisePam Kearney, Investor and Public
Relations866-362-9331pkearney@tortoiseadvisors.com
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