Tortoise Social Infrastructure Platform Strategically Sells Key Holding at a Premium
On July 13, 2020, the Tortoise social infrastructure platform strategically decided to sell approximately $25 million of bonds held in the platform related to the MaST Community Charter School deal located in Philadelphia, PA. The investment was the third iteration of a top five charter school in the state of PA. The waitlist for the initial two schools was in excess of 11,000 students at the time of the investment. The team's investment rationale was based on the school's historical success dating back to 1999, extremely strong demand by students and parents alike, high quality leadership, and minimal number of high quality educational options in the area. This charter school is characterized by the success of its STREAM (science, technology, robotics, engineering, arts and math) curriculum and managed to fully enroll its projected target of 900 students in its first year of operation.
We believe this sale resulted in positives to the platform, including:
Tortoise invests in essential assets - those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.