EX-99.(A)(5)(IV) 2 tm2229889d3_ex99-a5iv.htm EXHIBIT (A)(5)(IV)


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)




OVERLAND PARK, KS – November 7, 2022 – 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, 2022.


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  


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.


Fund Shares Properly Tendered Shares to be Purchased Pro-Ration Factor* Purchase Price ** Outstanding Shares after Giving Effect to Tender Offer
TYG 5,215,915 596,395 0.1144880 $38.96 11,331,508
NTG 2,774,144 282,149 0.1018340 $43.88 5,360,842
TTP 1,054,174 111,388 0.1058825 $32.91 2,116,385
NDP 1,030,052 92,299 0.0898095 $38.72 1,753,698
TPZ 3,138,234 326,324 0.1040280 $15.24 6,200,175


*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, 2022 (the date the Tender Offer expired).


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.


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.


About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors 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.


6363 College Boulevard, Overland Park, KS 66211 | Main 1-913-981-1020 | Fax 1-913-981-1021 | www.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 Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com.