Tortoise MLP announces results of rights offering
Tortoise MLP Fund announced the results of its transferable rights offering. The offer commenced on June 19, 2018 and expired on July 18. The Offer entitled the rights holders to subscribe for up to an aggregate of 15,802,094 shares of common stock, $0.001 par value per share. The subscription price was $14.64 per share of Common Stock, and was determined based upon the formula equal to 90% of the net asset value per share of Common Stock at the close of trading on the New York Stock Exchange on the Expiration Date. The Offer was over-subscribed. Shares of Common Stock will be issued promptly after completion and receipt of all stockholder payments and the pro-rata allocation of Common Stock in respect of the oversubscription privilege. Gross proceeds of the Offer are expected to be approximately $231M. The company intends to invest the net proceeds of the Offer in accordance with its investment objective and policies.