LEAWOOD, Kan.--Nov. 23, 2010--(BUSINESS WIRE)-- Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has filed notice with the Securities and Exchange Commission of its intent to exercise its option to redeem $20 million of its $65 million Mandatory Redeemable Preferred Shares (MRPS) on December 13, 2010. The company will redeem shares pro rata among the holders of the MRPS in proportion to the number of shares they hold, by lot or by other method deemed fair and equitable. The MRPS will be redeemed at $10.10 per share, comprised of the liquidation preference amount of $10.00 per share and the required redemption premium of $0.10 per share, plus accrued dividends. The company intends to utilize its bank line of credit to facilitate the redemption.
The remainder of the MRPS may be redeemed at the option of the company at a redemption price of $10.10 through November 30, 2011, at $10.05 from December 1, 2011 through November 30, 2012 and at $10.00 thereafter.
Year-End Conference Call
The company will host a conference call on Dec. 16, 2010 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and TYY's 2010 year-end performance results. Participants can access the conference call by dialing (877) 941-2332. 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 at 6 p.m. EST on Dec. 16, 2010 and continuing until 11:59 p.m. CST Dec. 30, 2010, by dialing (303) 590-3030. The replay access code is 4381476#. A replay of the webcast will also be available on the company's Web site at www.tortoiseadvisors.com through Dec. 16, 2011.
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 investments, such as pipeline and power companies. As of Oct. 31, 2010, the adviser had approximately $5.8 billion of assets under management in six 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
Pam Kearney, 866-362-9331
Source: Tortoise Energy Capital Corp.