Prudential Reports 82.9% Stake in TYG Mandatory Redeemable Preferred
Rhea-AI Filing Summary
Prudential Financial, Inc. filed a Schedule 13G reporting beneficial ownership of 5,300,000 shares of Tortoise Energy Infrastructure Corp. Mandatory Redeemable Preferred Stock (CUSIP 89147LR*3). The filing states this represents 82.9% of the outstanding preferred class and that Prudential has sole voting and dispositive power over all 5.3 million shares. The filing discloses that The Prudential Insurance Company of America holds these shares and that the 5.3 million preferred shares equate to 22.4% of common stock for voting purposes. Prudential certifies the shares are held in the ordinary course of business and not to influence control.
Positive
- Large disclosed holding: 5,300,000 preferred shares explicitly reported
- High ownership percentage: represents 82.9% of the Mandatory Redeemable Preferred Stock class
- Clear control details: filing states sole voting and dispositive power for the full position
- Certification provided: filer attests shares were acquired and are held in the ordinary course of business
Negative
- Concentrated position: 82.9% of the preferred class indicates high concentration in a single holder
- Voting equivalence disclosed: 5.3 million preferred shares equate to 22.4% of common for voting purposes, a significant voting stake
- Limited detail on underlying beneficiaries: filing states clients may have rights to dividends or proceeds but does not identify them
Insights
TL;DR Prudential reports a dominant position in the preferred class with full voting and disposition control.
The Schedule 13G shows Prudential Financial holds 5.3 million mandatory redeemable preferred shares of Tortoise Energy Infrastructure Corp., equal to 82.9% of that preferred class, and reports sole voting and dispositive power. The filing also states the related insurer holds the shares and converts to 22.4% of common voting equivalence. The filer certifies the holdings are in the ordinary course of business and not intended to change or influence control.
TL;DR Large preferred-class stake disclosed; filer affirms no intent to influence issuer control.
The document identifies Prudential Financial as beneficial owner and notes The Prudential Insurance Company of America as the subsidiary holding the securities. The filing provides specific voting and dispositive powers (sole control of 5.3 million shares) and quantifies the preferred stake as 82.9% of that class, with a stated common-equivalent voting of 22.4%. The signer certifies the ordinary-course nature of the holdings under applicable rules.