Apr 12, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has
priced the sale of 5,000,000 of its 3.95 percent Series C Mandatory
Redeemable Preferred (MRP C) Shares at $10.00 per share. The company
estimates that its net proceeds from this offering, after expenses, will
be approximately $49 million. The company intends to use the net
proceeds of this offering, along with borrowings under its credit
facility or other working capital, to redeem all $50 million of its
outstanding 5.0 percent Series B Mandatory Redeemable Preferred Shares
and may also use proceeds to invest in energy infrastructure companies
in accordance with its investment objective and policies or for working
The MRP C Shares are expected to trade on the New York Stock Exchange
(NYSE) within 30 days of original issuance under the symbol "TYY Pr C".
The MRP C Shares are expected to be rated "AA" by Fitch Ratings. The MRP
C Shares have a fixed dividend rate of 3.95 percent with a mandatory
redemption on May 1, 2018.
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.