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Tortoise raises $86.1 mln in IPO on NYSE

Thu Feb 1, 2007 9:51pm EST

NEW YORK, Feb 1 (Reuters) - Tortoise Capital Resources Corp. on Thursday said it raised $86.1 million in an initial public offering of 5.7 million shares on the New York Stock Exchange.

IPOs  |  Funds News

Tortoise, a closed-end fund focused on the U.S. energy infrastructure sector, said it sold the shares at $15 each.

The company granted underwriters a 30-day option to buy a maximum of 861,000 additional shares.

The company is managed by Tortoise Capital Advisors, a $2 billion registered advisor specializing in energy investments.

Merrill Lynch MER.N was lead bookrunner for the offering. Co-managers were Stifel Nicolaus, Wachovia Securities, Oppenheimer & Co. and Ferris, Baker Watts Inc.

IPOs
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