- (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
September 29, 2005 (Overland Park, KS) - Tortoise Energy Capital Corporation (NYSE: TYY) announced today that, based on anticipated closings, it expects to achieve -- almost two months ahead of what was anticipated -- full investment of the equity capital raised during its initial public offering in May of this year. The capital has been invested in the securities of MLPs and other companies in the energy infrastructure sector. The Company anticipates using leverage to permit it to pursue its investment strategy.
"In implementing our investment policies, we sought to invest a large percentage of this capital through direct placements with MLPs and their affiliates," said David Schulte, CEO of Tortoise Energy Capital Corporation, "and over 70% of these funds were invested through direct purchases. We are pleased with the quality of our opportunities and the pace of our investment activities."
The Company also stated it does not expect that recent hurricane activity in the Gulf of Mexico will adversely affect its distributions to investors or diminish long-term growth prospects of the industry. The Company reaffirmed its expectation that upon full investment of the capital raised in its initial public offering and anticipated leverage the portfolio will achieve an annual distribution rate of 6.0%, based upon the initial public offering price of $25.00.
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, LLC 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.
Contact: Tortoise Capital Advisors, LLC Investor Relations, 913-981-1020 www.tortoiseadvisors.com