LEAWOOD, Kan. – Nov. 9, 2009 — The Board of Directors of Tortoise Energy Capital Corp. (NYSE: TYY) today declared the company's fourth quarter 2009 distribution of $0.40 per share, which is unchanged from its prior quarter. The distribution will be paid on Nov. 30, 2009, to stockholders of record on Nov. 23, 2009.
"Although TYY's 4th quarter expected payout is 91 percent of distributable cash flow, the company does not believe it is prudent to raise the per share distribution until it has completed the refinancing of its remaining auction rate leverage and there is better visibility on the costs of that leverage," said David J. Schulte, Managing Director of Tortoise Capital Advisors.
Expected Treatment of Distribution
A portion of this distribution is expected to be treated as return of capital for income tax purposes, although the ultimate determination will not be made until determination of our earnings and profits after our year-end. Based on current financial information, this distribution is estimated to consist of 100 percent return of capital for book purposes.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of Oct. 31, 2009, Tortoise had approximately $2.5 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit our Web site at 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.
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 company 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 company'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 company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org