Tortoise Capital Advisors completes merger

Tortoise Capital Advisors

Tortoise Capital Advisors have completed the merger of Tortoise Energy Infrastructure Corp. (NYSE: TYG), Tortoise Energy Capital Corp. (NYSE: TYY), and Tortoise North American Energy Corp. (NYSE: TYN).

TYG acquired substantially all of the assets and liabilities of TYY and TYN in a tax-free transaction in exchange for an equal aggregate value of newly issued TYG common stock and cash proceeds for fractional shares. The exchange rates were based on each fund’s relative net asset value per share as of June 20.

Additionally, TYY preferred stockholders received an equivalent number of newly issued TYG Series C Mandatory Redeemable Preferred shares with terms identical to their previously held TYY Series C Mandatory Redeemable Preferred shares.

TYG’s post-merger total assets and NAV were approximately $4.4 billion and $2.4 billion, respectively. Its NAV per share was $50.95, with approximately 48.0 million shares outstanding.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...