- (NYSE: TYG) Tortoise Energy Infrastructure Corp.
- (NYSE: NTG) Tortoise Midstream Energy Fund, Inc.
- (NYSE: TTP) Tortoise Pipeline & Energy Fund, Inc.
- (NYSE: NDP) Tortoise Energy Independence Fund, Inc.
- (NYSE: TPZ) Tortoise Power & Energy Infrastructure Fund, Inc.
- (NYSE: TEAF) Ecofin Sustainable and Social Impact Term Fund
LEAWOOD, Kan. - Nov. 7, 2011 - The Board of Directors of Tortoise Energy Capital Corp. (NYSE: TYY) today declared the company's fourth quarter 2011 distribution of $0.4075 per share, an increase of 0.6 percent compared to the $0.405 distribution in the previous quarter and an increase of 1.9 percent compared to the $0.40 distribution in the same quarter of the prior year. The distribution is payable on Nov. 30, 2011, to stockholders of record on Nov. 22, 2011.
For tax purposes, the company estimates 75 to 100 percent of TYY's 2011 distributions will be characterized as qualified dividend income with the remaining percentage characterized as return of capital. The final characterization will not be made until determination of its earnings and profits after year end. For book purposes, the source of this distribution is estimated to be 100 percent return of capital.
Year-End Conference Call
The company will host a conference call on Dec. 15, 2011 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and TYY's 2011 year-end performance results. Participants can access the conference call by dialing (800) 762-8779. The replay access code is 4487035. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.
A replay of the call will be available at 6 p.m. EST on Dec. 15, 2011 and continuing until 11:59 p.m. CST Dec. 30, 2011, by dialing (800) 406-7325. The replay access code is 4487035#. A replay of the webcast will also be available on the company's website at www.tortoiseadvisors.com through Dec. 15, 2012.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing primarily 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 Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Oct. 31, 2011 the adviser had approximately $7.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, 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.
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.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations (866) 362-9331