OVERLAND PARK, Kan.--(BUSINESS WIRE)--Aug. 12, 2005--The Board of Directors of Tortoise Energy Capital Corporation (NYSE:TYY - News) today declared the Company's first quarterly dividend of $0.235 per share to be distributed on September 1, 2005 to stockholders of record on August 23, 2005. The first dividend is based upon investment activity since the Company's initial public offering, May 26, 2005.
"MLPs continue to demand capital to finance growth. As a result, we are pleased with the investment opportunities for the proceeds of the IPO," said David Schulte, President of Tortoise Energy Capital Corporation. "Upon full investment we believe Tortoise Capital should achieve a distribution rate of 6.0%, based upon the Initial Public Offering price of $25.00."
Tortoise Capital anticipates quarterly dividends to be paid the first week of March, June, September and December, with the next dividend expected to be paid the first week of December, 2005.
Substantially all of this dividend is expected to constitute return of capital for tax reporting purposes. The tax character of dividends received during the year may change due to portfolio activity. Final determinations will be reported to stockholders at the beginning of 2006.
Tortoise Energy Analyst/Investor Conference Call
The Company announced that it will host a conference call on Thursday, August 18, 2005, at 3:15 p.m. CDT. At this time management will discuss the Company's performance and its semi-annual report, released July 29th. The toll-free dial in number for this call is 800-257-6566. A digital replay will be available for two weeks, following the call, by dialing 800-405-2236 and using the passcode 11037695#. An archived transcript of the call will also be available on the Company's web site at www.tortoiseadvisors.com.
About Tortoise Capital
Tortoise Energy Capital Corporation's investment objective is to provide its stockholders with a high level of total return with an emphasis on current distributions paid to stockholders. Tortoise Capital provides financing primarily for master limited partnerships and their affiliates in the energy infrastructure sector which engage in the business of gathering, transporting, processing, storing, distributing or marketing natural gas, natural gas liquids, coal, crude oil, refined petroleum products or other natural resources, or exploring, developing, managing or producing such commodities.
Tortoise Capital Advisors, L.L.C. serves as the adviser to Tortoise Energy Capital Corporation.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains statements, estimates or projections that constitute "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect, "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the company's historical experience and its present expectations or projections. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk and other risks discussed in the company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The company undertakes no obligation to publicly update or revise any forward-looking statements. There is no assurance that Tortoise Energy's investment objectives will be attained.
Tortoise Capital Advisors, L.L.C.
Investor Relations, 913-981-1020