Apr 17, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has
filed notice with the Securities and Exchange Commission of its intent
to redeem its $50 million 5.0 percent Series B Mandatory Redeemable
Preferred (MRP) Shares on May 17, 2012. The MRP Shares will be redeemed
at $10.10 per share, comprised of the liquidation preference amount of
$10.00 per share and the required redemption premium of $0.10 per share,
plus accrued dividends. The company will utilize net proceeds from its
recent issuance of $50 million 3.95 percent Series C MRP Shares, along
with borrowings under its credit facility or other working capital, to
facilitate the redemption.
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 distributions.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing
in listed energy infrastructure investments. As of March 31, 2012, the
adviser had approximately $7.9 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, L.L.C.
Pam Kearney, 866-362-9331
Source: Tortoise Energy Capital Corp.