OVERLAND PARK, Kan. Dec. 22, 2007 Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has completed a private offering of $100 million of Series D Senior Notes. The Notes are due in seven years and bear a fixed interest rate of 6.07 percent. The proceeds will be used to redeem a portion of its Auction Rate Senior Notes.
"The institutional investors represent a new source of long term financing for the company" said Tortoise Energy Capital Corp.'s Chief Financial Officer, Terry Matlack. "By fixing the rate on this portion of our leverage, we reduce the company's exposure to volatility recently evident in the Auction Rate market. Leverage will continue to be a key component of our strategy as long as we believe that it serves the best interests of our stockholders."
Until the auction market stabilizes, the company will continue to post auction rate updates twice on the 1st and 15th of each month on its Web site at www.tortoiseadvisors.com.
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
Tortoise Capital Advisors, LLC is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy sector. As of Nov. 30, 2007, the adviser had approximately $2.9 billion of assets under management. 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 the 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. Investors should consider the investment objective, risks, charges and expenses of the fund carefully before investing. For this and other important information, investors should refer to the closed-end fund prospectus and read it carefully before investing.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations