Tortoise Energy Capital Corp. Provides Notice of Its Intention to Redeem Its $50 Million 5.0 Percent Series B Mandatory Redeemable Preferred Shares
LEAWOOD, Kan.--(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 redeem its $50 million 5.0 percent Series B Mandatory Redeemable Preferred (MRP) Shares on May 17, 2012. The MRP Shares 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 will utilize net proceeds from its recent issuance of $50 million 3.95 percent Series C MRP Shares, along with borrowings under its credit facility or other working capital, to facilitate the redemption.
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 (NYX)-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 companys 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.Copyright Business Wire 2012