Prudential Financial Inc. (NYSE:PRU) has disclosed substantial acquisitions in Tortoise Energy Infrastructure Corp. (NYSE:TYG) securities, according to a recent SEC filing. The company reported purchases totaling approximately $556.26 billion. The acquisitions include 5.83% Senior Notes, Series RR, and Series G Mandatory Redeemable Preferred Stock. TYG, with a market capitalization of $452 million, has demonstrated strong performance with a 56% gain year-to-date, according to InvestingPro data.
The transactions were executed on December 18, 2024, with purchase prices ranging from $10 to $23,540,000 per share. These securities are primarily held by Prudential (LON:PRU)'s subsidiaries, PRUCO Life Insurance (NS:LIFI) Company of New Jersey and The Prudential Insurance Company of America.
These transactions highlight Prudential's significant investment activities in Tortoise Energy, underscoring its strategic financial maneuvers in the energy infrastructure sector.
In other recent news, Tortoise Energy Infrastructure Corp. has decided to postpone its Special Meeting of Stockholders to December 5, 2024, with the aim of giving stockholders extra time to cast their votes on an undisclosed proposal. The meeting, originally scheduled for an earlier date, was convened at the company's headquarters in Overland Park, Kansas, and adjourned without any business being transacted. The record date for determining stockholders eligible to vote at the Special Meeting remains unchanged at August 27, 2024.
During the adjournment period, Tortoise Energy will continue to solicit votes from its stockholders regarding the proposal. The rescheduled Special Meeting will be held at the same location. These developments are part of the company's recent activities.
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