- (NYSE: TYG) Tortoise Energy Infrastructure Corp.
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- (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 24, 2007 - Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has priced the sale of 1,350,000 newly issued shares of common stock at $31.85 per share through a syndicate of underwriters led by Stifel, Nicolaus & Company, Incorporated. The company estimates that its net proceeds from this offering, after expenses, will be approximately $41.1 million. Tortoise Energy Capital Corp. has granted the underwriters a 30-day option to purchase a maximum of 202,500 additional shares of common stock to cover over-allotments, if any.
The company intends to use these net proceeds to retire a portion of its outstanding short-term debt of approximately $46.6 million incurred in financing the acquisition of equity portfolio securities in pursuit of its investment objective and policies and for working capital purposes.
A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any security, nor shall there be any sale, offer or solicitation 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. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from the offices of Stifel, Nicolaus & Company, Incorporated, 501 North Broadway, St. Louis, Missouri 63102.
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, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy Capital Corp., is a pioneer in the capital markets for MLP investment companies and a leader in closed-end funds and separately managed accounts focusing on MLPs in the energy infrastructure sector. As of March 31, 2007, the adviser had approximately $2.7 billion of energy infrastructure investment assets under management.
Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, email@example.com