Tuesday, November 8, 2011

Tortoise Pipeline & Energy Fund announces $250 million initial public offering

LEAWOOD, Kan. - Tortoise Capital Advisors, LLC on Oct. 27 announced the launch of Tortoise Pipeline & Energy Fund, Inc.

The fund raised $250 million in gross proceeds, and should the underwriters exercise their overallotment option in full, the fund will have raised approximately $285 million. 

The fund's shares began trading on the NYSE on Oct. 27 under the symbol TTP.

The fund intends to focus particularly on North American pipeline companies that transport natural gas, natural gas liquids, crude oil and refined products, and to a lesser extent, on other energy infrastructure companies.

As a flow-through regulated investment company, the fund may purchase securities of traditional pipeline corporations along with master limited partnerships. The fund's investment objective is to provide its stockholders a high level of total return, with an emphasis on current distributions.

Montage Investments and its affiliates played an important role in providing sales and marketing support to Tortoise during the offering.

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