LEAWOOD, Kan. - Dec. 1, 2009 - Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of Nov. 30, 2009, the company's unaudited total assets were approximately $558.5 million and its unaudited net asset value was $356.0 million, or $19.90 per share.
As of Nov. 30, 2009, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 498 percent, and its coverage ratio for preferred shares was 316 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.
The company issued 11,597 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $0.2 million during the month of Nov. 2009.
Set forth below is a summary of the company's preliminary unaudited balance sheet at Nov. 30, 2009, and a summary of its top 10 holdings.
Conference Call to Discuss Market Conditions and Company Performance
The company will host a conference call at 3:30 p.m. CST on Dec. 17, 2009 to discuss current U.S. energy infrastructure industry market conditions and TYY's 2009 year-end performance results. Please dial-in approximately five to 10 minutes prior to the scheduled start time.
U.S./Canada: (480) 629-9771
International: (800) 762-8779
The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.
A replay of the call will be available beginning at 6 p.m. CST on Dec. 17, 2009 and continuing until 11:59 p.m. CST Dec. 31, 2009, by dialing (303) 590-3030 (U.S./Canada). The replay access code is 4187906#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Dec. 17, 2010.
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, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of Oct. 31, 2009, Tortoise had approximately $2.5 billion of assets under management in five NYSE-listed investment companies and private accounts. 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 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, LLC