[SCHEDULE 13G] Tortoise Energy Infrastructure Corp. SEC Filing
Tortoise Energy Infrastructure Corp. has a Schedule 13G reporting that Massachusetts Mutual Life Insurance Company directly owns 1,000,000 Series J Mandatory Redeemable Preferred Shares, representing 14.3% of the MRPS class based on the issuer's reported aggregate liquidation preference. Those shares are held in one or more advisory accounts and Barings LLC, a wholly-owned indirect subsidiary of MassMutual, acts as investment adviser and may be deemed a beneficial owner. All reported shares show shared voting and dispositive power of 1,000,000 and no sole voting or dispositive power. The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing control.
- Discloses a clear, material position of 1,000,000 Series J MRPS representing 14.3% of the class, improving transparency for investors
- Reports shares are held in advisory accounts with Barings LLC serving as investment adviser, clarifying managerial/ownership structure
- Filing includes a certification that the holdings are held in the ordinary course of business and not to influence control
- Significant concentration: a single reporting group holds 14.3% of the MRPS class, which could be material to preferred security dynamics
- All reported power is shared, so specific decision-making authority over votes or dispositions is not clearly attributable to a single party
Insights
TL;DR: MassMutual reports a meaningful minority position of 14.3% in the Series J preferred class, held via advisory accounts with Barings as adviser.
The filing discloses a non-control, passive holding of 1,000,000 Series J MRPS representing 14.3% of that preferred class by Massachusetts Mutual Life Insurance Company, with Barings LLC acting as investment adviser. Voting and dispositive power are reported as shared, indicating the securities are managed through advisory accounts rather than direct sole control. For creditors and preferred holders, this clarifies concentration in the MRPS tranche but does not indicate any activist intent or control change.
TL;DR: Disclosure confirms substantial passive ownership without intent to influence issuer control.
The Schedule 13G compliance language and certification assert the position is held in the ordinary course of business and not for control purposes. The joint filing and adviser relationship are properly disclosed, including shared voting and dispositive power. From a governance perspective, the filing signals a significant investor in the preferred series but explicitly classifies the stake as passive, reducing immediate governance implications for the issuer.