OVERLAND PARK, Kan. - December 21, 2007 - Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has determined to exercise its option to designate the next succeeding rate period for the $60 million Series B Auction Rate Senior Notes, Due 2045 (CUSIP: 89147UAB6) (the "Series B Tortoise Notes") as a special rate period (the "Special Rate Period"). The terms of the Special Rate Period are set forth below.
The Special Rate Period will commence on Jan. 11, 2008 and will continue through and including Jan. 21, 2008. The rate for the Special Rate Period will be set at the next regular auction for the Series B Tortoise Notes, which will occur on Jan. 10, 2008. The rate shall remain fixed for the duration of the Special Rate Period. The company will, not later than 3:00 p.m. New York City time on Jan. 9, 2008, notify the Auction Agent of its intent to proceed with the designation of the Special Rate Period.
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 dividends.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy sector. As of Nov. 30, 2007, the adviser had approximately $2.9 billion of assets under management. 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 the 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. Investors should consider the investment objective, risks, charges and expenses of the fund carefully before investing. For this and other important information, investors should refer to the prospectus supplement and prospectus, and read them carefully before investing.
Tortoise Capital Advisors, LLC