Tortoise Announces Tender Offers for its Closed-End Funds
Tortoise Energy Infrastructure Corp. (NYSE:TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE:NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP)
Tortoise Energy Independence Fund, Inc. (NYSE:NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)
OVERLAND PARK, KS / ACCESSWIRE / October 2, 2023 / Tortoise announced today the commencement of cash tender offers for each of the following Funds.
| Fund | Tender Offer Amount |
| TYG | Up to 5% or 566,575 of its outstanding common shares |
| NTG | Up to 5% or 268,042 of its outstanding common shares |
| TTP | Up to 5% or 105,819 of its outstanding common shares |
| NDP | Up to 5% or 87,684 of its outstanding common shares |
| TPZ | Up to 5% or 310,008 of its outstanding common shares |
Each tender offer will be conducted at a price equal to 98% of each Fund's net asset value (NAV) per share as of the close of regular trading on the New York Stock Exchange (NYSE) on the date the tender offer expires. Each tender offer will expire at 5:00 P.M., Eastern Time on November 1, 2023, or on such later date to which the offer is extended. The pricing date will also be November 1, 2023, unless extended. If the number of shares tendered exceeds the maximum amount of a tender offer, the Fund will purchase shares from tendering shareholders on a pro-rata basis (disregarding fractional shares). Accordingly, there is no assurance that a Fund will purchase all of a shareholder's tendered common shares in connection with the relevant tender offer.
Each Fund may sell portfolio instruments during the pendency of its tender offer to raise cash for the purchase of common shares. Thus, it is likely that during the pendency of each tender offer, and possibly for a short time thereafter, each Fund will hold a greater than normal percentage of its net assets in cash and cash equivalents. This larger cash position may interfere with a Fund's ability to meet its investment objectives and invest consistent with its investment strategy.
Each tender offer is being made on the terms and subject to the conditions set forth in the relevant Fund's tender offer statement on Schedule TO (including an offer to purchase, a related letter of transmittal and other offer documents) that has been filed with the Securities and Exchange Commission (the "SEC"). All of these documents contain important information about the relevant Tender Offer. Shareholders of each Fund should read their documents carefully as they contain important information about the relevant Tender Offer. Shareholders of each Fund can obtain a free copy of the relevant documents at the SEC's website at www.sec.gov or from the Fund by calling Georgeson LLC, the Fund's information agent for the tender offer, at 1-877-278-9672 for TYG, 1-888-666-2580 for NTG, 1-866-203-9401 for TTP, 1-866-432-2791 for NDP, and 1-877-668-1646 for TPZ.