OVERLAND PARK, Kan. May 12, 2006 - Tortoise Energy Capital Corp. (NYSE: TYY), today declared its second quarter 2006 dividend of $0.375 per share, compared to $0.36 in the previous quarter. The dividend will be distributed on June 1, 2006 to stockholders of record on May 23, 2006. The company has invested all of its proceeds from its offering of Money Market Preferred Shares, and the second quarter dividend reflects full investment of the company's assets, including leverage.
"We are pleased to deliver on our expectation of a 6 percent dividend rate based upon the initial $25.00 offering price," said Tortoise Capital Advisors Managing Director David Schulte. "We achieved this dividend while locking in 100 percent of our leverage costs, increasing the stability of our distributable cash flow."
Based on current company financial information, this dividend is estimated to consist of 100 percent return of capital for book purposes. This is subject to change based upon completion of the company's fiscal year ending November 30. For tax purposes, the character of the dividend will be determined at year-end and will be reported to stockholders at the beginning of 2007 on their Form 1099.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing primarily for master limited partnerships (MLPs) in the energy infrastructure sector. Tortoise Energy Capital's goal is to provide its shareholders with a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Capital Corp., is a pioneer in the capital markets for investment companies focused on MLPs in the energy infrastructure sector. Tortoise Capital Advisors also serves as the adviser to Tortoise Energy Infrastructure Corp. (NYSE: TYG) and Tortoise North American Energy Corp. (NYSE: TYN). To date, the adviser has approximately $1.7 billion of energy infrastructure investment assets under management. For more information, visit our website 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.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations,