- (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
OVERLAND PARK, Kan. April 2, 2007 Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has completed an offering of $70 million in Auction Rate Senior Notes, Series C (Tortoise Notes). The Tortoise Notes are rated 'Aaa' and 'AAA' by Moody's Investors Service Inc. and Fitch Ratings, respectively, and were issued in denominations of $25,000.
Lehman Brothers Inc. acted as the lead underwriter. A.G. Edwards & Sons, Inc., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Oppenheimer & Co. Inc., Stifel, Nicolaus & Company, Incorporated and Wachovia Capital Markets, LLC also participated as underwriters for the offering. Tortoise Notes may only be bought or sold through auction or in a secondary market maintained by certain broker-dealers.
Tortoise Energy Capital intends to use the net proceeds of this offering to retire a portion of its short-term debt under the company's unsecured credit facility.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing primarily for master limited partnerships (MLPs) in the energy infrastructure sector; primarily crude oil and refined petroleum products and natural gas and natural gas liquids pipelines. Tortoise Energy Capital's goal is to provide its stockholders a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Capital Corp., is a pioneer in the 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 infrastructure sector. As of Feb. 28, 2007, the adviser had approximately $2.5 billion of energy infrastructure investment assets under management.
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 accompanying prospectus, and read them carefully before investing.
Tortoise Capital Advisors, LLC