Tortoise Power and Energy Infrastructure Fund, Inc. announces a share repurchase program for 310,008 shares, representing 5% of its outstanding shares.
October 02, 2023 at 12:00 am EDT
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Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) announces a share repurchase program. Under the offer, the fund will repurchase up to 310,008 shares, representing 5% of its outstanding shares. The shares will be purchased at a price equal to 98% of the net asset value per share as on November 1, 2023. The purpose of the tender offer is to provide liquidity to investors who hold shares in the Fund. The offer will be funded from cash, liquid securities in the Fund?s investment portfolio or borrowings. If more shares than the Offer amount are properly tendered and not withdrawn prior to the date the offer expires, the fund will purchase the offer amount on a pro rata basis. The offer will expire on November 1, 2023, unless extended. As of September 25, 2023, the fund had 6,200,175 issued and outstanding shares.
Steven F. Carman of Husch Blackwell LLP acted as legal advisors and Georgeson LLC acted as information agent and Computershare Inc. and Computershare Trust Company, N.A. acted as depositary to the fund.
Tortoise Power and Energy Infrastructure Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary investment objective is to provide a high level of current income to its stockholders. The Fund's secondary objective is capital appreciation. It seeks to invest primarily in fixed income and dividend-paying equity securities of power and energy infrastructure companies. The securities in which it will invest include income-producing fixed income and equity securities. Under normal circumstances, the Fund will invest a minimum of approximately 51% of its total assets in fixed income securities. The Fund may invest up to 10% of its total assets in securities issued by the non-United States issuers (including Canadian issuers). The investment advisor of the Fund is Tortoise Capital Advisors, L.L.C.
Tortoise Power and Energy Infrastructure Fund, Inc. announces a share repurchase program for 310,008 shares, representing 5% of its outstanding shares.