Tuesday, November 29, 2011

Tortoise Fund receives funding from private offerings of senior notes

LEAWOOD, Kan. - Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) on Nov. 15 announced it had finalized the terms of a private placement with institutional investors of $49 million of senior unsecured notes (senior notes) and $16 million of mandatory redeemable preferred shares (MRP shares).

An initial funding of $24.5 million of senior notes and $8 million of MRP shares occurred on Nov. 15, with the remaining to be funded no later than Dec. 15.

Proceeds from the offerings will be used primarily for making new portfolio investments, reducing outstanding borrowings under the credit facility and for general corporate purposes.

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