Deal Details
Initial Public Offering
Summary
Baird served as a co-manager in this offering
About
Tortoise Energy Independence Fund (NYSE: NDP) (the “Fund”) recently completed an initial public offering of 13,000,000 shares of its common stock at a price of $25.00 per share, generating gross proceeds of $325.0 million. The Fund expects to invest the net proceeds in accordance with its investment objective and policies and for working capital purposes. The Fund expects to fully invest the net proceeds within three to six months after the completion of the offering.The Fund is a newly organized, non-diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of total return with an emphasis on current distributions. The Fund intends to focus primarily on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a strong presence in North American oil and gas reservoirs, including shale, and, to a lesser extent, on companies that provide associated transportation, processing, storage, servicing and equipment.
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- Date
- July 2012
- Company
- Tortoise Energy Independence Fund, Inc.
- Transaction
- M&A
- Sectors
- Energy
- Target Geography
- North America
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