Tortoise Energy Infrastructure Corp SC TO-I/A, filed Nov 7, 2023
Tortoise Energy Infrastructure Corp (TYG)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 2
Tortoise Energy Infrastructure Corporation
(Name of Subject Company (Issuer))
Tortoise Energy Infrastructure Corporation
(Name of Filing Person(s) (Issuer))
SHARES OF COMMON STOCK
(Title of Class of Securities)
89147L886
(CUSIP Number of Class of Securities)
Tortoise Capital Advisors, L.L.C.
6363 College Boulevard, Suite 100A
Overland Park, Kansas 66211
913-981-1020
(Name, Address, and Telephone Number of Person Authorized to Receive Notices and
Communications on Behalf of the Filing Person(s))
With a copy to:
Steven F. Carman, Esq.
Husch Blackwell LLP
4801 Main Street, Suite 1000
Kansas City, Missouri 64112
October 2, 2023
(Date Tender Offer First Published,
Sent or Given to Security Holders)
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Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
Check the appropriate boxes below to designate any transactions to which the statement relates:
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third-party tender offer subject to Rule 14d-1. |
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issuer tender offer subject to Rule 13e-4. |
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going-private transaction subject to Rule 13e-3. |
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amendment to Schedule 13D under Rule 13d-2. |
Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐
Explanatory Note
This Amendment No. 2 (“Amendment No. 2”) amends and supplements the Tender Offer Statement on the Schedule TO initially filed with the Securities and Exchange Commission (the “SEC”) on October 2, 2023 (the “Schedule TO”), as amended by Amendment No. 1 to the Schedule TO filed with the SEC on November 2, 2023 (as amended hereby, the “Schedule TO”), by Tortoise Energy Infrastructure Corporation, a Maryland corporation (the “Fund”), to purchase for cash up to 5% of its outstanding shares of common stock (the “Offer), for cash at a price per share equal to 98% of the Fund’s net asset value per share as of the close of regular trading session on the New York Stock Exchange (“NYSE”) on November 1, 2023 (or if the Offer is extended, on the Offer is extended). Filed herewith as Exhibit (a)(5)(iv) is a copy of the Press Release issued by the Fund on November 7, 2023 announcing the final results of the Offer, and the information contained therein is incorporated herein by reference.
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ITEMS 1 THROUGH 9 and ITEM 11
This Issuer Tender Offer Statement on Schedule TO relates to an offer by Tortoise Energy Infrastructure Corporation, a Maryland corporation (the “Fund”), to purchase for cash up to 5% of its outstanding shares of common stock (the “Offer”), for cash at a price per share equal to 98% of the Fund’s net asset value per share as of the close of regular trading session on the New York Stock Exchange (“NYSE”) on November 1, 2023 (or if the Offer is extended, on the day to which the Offer is extended), upon the terms and subject to the conditions contained in the Offer to Purchase dated October 2, 2023 and the related Letter of Transmittal, which are filed as exhibits to this Schedule TO. The information set forth in the Offer to Purchase and the related Letter of Transmittal is incorporated herein by reference with respect to Items 1 through 9 and Item 11 of this Schedule TO.
ITEM 10. FINANCIAL STATEMENTS
Not applicable.
ITEM 12. EXHIBITS
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(a)(1)(i) |
Letter to Shareholders from the Chief Executive Officer of the Fund and Offer to Purchase.(7) |
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(a)(1)(ii) |
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(a)(1)(iii) |
Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.(7) |
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(a)(1)(iv) |
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(a)(1)(v) |
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(a)(1)(vi) |
Not applicable. |
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(a)(2) |
Not applicable. |
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(a)(3) |
Not applicable. |
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(a)(4) |
Not applicable. |
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(a)(5)(i) |
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(a)(5)(ii) |
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(a)(5)(iii) |
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(a)(5)(iv) |
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(b)(1)(i) |
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(b)(1)(ii) |
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(b)(1)(iii) |
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(b)(1)(iv) |
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(b)(1)(v) |
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(b)(1)(vi) |
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(b)(1)(vii) |
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(b)(1)(viii) |
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(b)(1)(ix) |
Second Amended and Restated Credit Agreement with U.S. Bank.(7) |
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(d)(1) |
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(g) |
Not applicable. |
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(h) |
Not applicable. |
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(1) Previously filed on Schedule TO-C via EDGAR on August 16, 2023
(2) Incorporated by reference to Post-Effective Amendment No. 18 to Registrant’s Registration Statement on Form N-2, filed on April 27, 2015 (File Nos. 333-146095 and 811-21462).
(3) Incorporated by reference to Post-Effective Amendment No. 19 to Registrant’s Registration Statement on Form N-2, filed on August 3, 2015 (File Nos. 333-146095 and 811-21462).
(4) Incorporated by reference to the Post-Effective Amendment No. 6 to Registrant’s Registration Statement on Form N-2, filed on August 22, 2017 (File Nos. 333-209946 and 811-21462).
(5) Incorporated by reference to the Pre-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-2, filed on June 26, 2019 (File Nos. 333-230789 and 811-21462).
(6) Incorporated by reference to Exhibit 99.(B)(1)(VII) to Registrant’s Form SC TO-I, filed on October 3, 2022 (File No. 005-85247).
(7) Previously filed on Schedule TO-I via EDGAR on October 2, 2023.
(8) Previously filed on Amendment No. 1 to Schedule TO-I via EDGAR on November 2, 2023.
* Filed herewith.
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SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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Tortoise Energy Infrastructure Corporation |
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By: |
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Name: |
P. Bradley Adams |
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Title: |
Chief Executive Officer |
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November 7, 2023
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EXHIBIT INDEX
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EXHIBIT |
DESCRIPTION |
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(a)(5)(iv) |
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Exhibit (a)(5)(iv)
Tortoise Announces Final Results of 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)
FOR IMMEDIATE RELEASE
OVERLAND PARK, KS — November 7, 2023 — Tortoise announced today the final results of cash tender offers for each of the following Funds that expired at 5:00 P.M., Eastern Time on November 1, 2023.
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Fund |
Tender Offer Amount |
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TYG |
Up to 5% or 566,575 of its outstanding common shares |
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NTG |
Up to 5% or 268,042 of its outstanding common shares |
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TTP |
Up to 5% or 105,819 of its outstanding common shares |
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NDP |
Up to 5% or 87,684 of its outstanding common shares |
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TPZ |
Up to 5% or 310,008 of its outstanding common shares |
The table below shows the final results for each Fund. The final results are based on a count by Computershare, the depositary for each tender offer.
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Fund |
Shares |
Shares to be |
Pro-Ration |
Purchase |
Outstanding Shares after Giving Effect to |
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TYG |
5,300,271 |
566,575 |
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0.1070650 |
$ |
33.04 |
10,764,933 |
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NTG |
2,873,273 |
268,032 |
(1) |
0.0934999 |
$ |
39.55 |
5,092,810 |
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TTP |
1,074,230 |
105,819 |
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0.0985840 |
$ |
32.04 |
2,010,566 |
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NDP |
1,012,489 |
87,684 |
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0.0868390 |
$ |
34.85 |
1,666,014 |
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TPZ |
3,297,052 |
310,008 |
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0.0941553 |
$ |
15.11 |
5,890,167 |
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* The number of shares to be purchased divided by the number of shares properly tendered. The factor is subject to rounding adjustment to avoid the purchase of fractional shares.
** Equal to 98% of the relevant Fund’s net asset value per share as of the close of regular trading on the New York Stock Exchange (NYSE) on November 1, 2023 (the date the Tender Offer expired).
(1) NTG will purchase 268,032 shares, the maximum quantity of shares to purchase after pro-ration without exceeding 5% of its outstanding common shares.
Any questions related to the tender offer can be directed to Georgeson LLC, the Funds’ information agent for the tender offer, at 1-877-278-9672 for TYG, 1-888-666-2580 for NTG, 1-866203-9401 for TTP, 1-866-432-2791 for NDP, and 1-877-668-1646 for TPZ.
About Tortoise
Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s track record of energy value chain investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseecofin.com.
Cautionary Statement Regarding Forward-Looking Statements
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 funds and Tortoise Capital Advisors believe that 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 fund’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 funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Contact information
For more information contact Eva Lipner at (913) 981-1020 or info@tortoiseecofin.com.
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