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.

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