Tortoise announces tender offers for its closed-end funds

Oct. 03, 2022 6:53 AM ETTortoise Energy Infrastructure (TYG), NTG, TTP, TPZ, NDPBy: Gaurav Batavia, SA News Editor7 Comments
  • Tortoise fund announced the commencement of cash tender offers for each of the following Funds.
  • Fund Tender Offer Amount
    TYG Up to 5% or 596,395 of its outstanding common shares
    NTG Up to 5% or 282,149 of its outstanding common shares
    TTP Up to 5% or 111,388 of its outstanding common shares
    NDP Up to 5% or 92,299 of its outstanding common shares
    TPZ Up to 5% or 326,324 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 on November 1, 2022 or on such later date to which the offer is 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).
  • As previously announced, the second conditional tender offer measurement period is from August 1, 2022 through July 31, 2023 with a 10% discount threshold and repurchase price of 98% of NAV.
  • Source: Press Release

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