Tortoise Energy Capital Corporation Completes $120 Million Offering of Auction Rate Senior Notes
15 November 2005 - 5:37PM
Business Wire
Tortoise Energy Capital Corporation (NYSE:TYY) announced today that
it has successfully completed an offering of an aggregate principal
amount of $120 million of Auction Rate Senior Notes, Series A and B
("Tortoise Notes"). The Tortoise Notes are rated 'Aaa' and 'AAA' by
Moody's Investors Service Inc. and Fitch Ratings, respectively, and
were issued in denominations of $25,000. Lehman Brothers Inc. acted
as lead manager, and Stifel Nicolaus & Company, Incorporated,
A.G. Edwards, Oppenheimer & Co. and Wachovia Securities also
participated as co-managers for the offering. A copy of the final
Prospectus relating to this offering may be obtained from the
offices of Lehman Brothers Inc., 745 Seventh Avenue, New York, New
York 10019; Stifel, Nicolaus & Company, Incorporated, 501 North
Broadway, St. Louis, Missouri 63102; A.G. Edwards & Sons, Inc.,
One North Jefferson, St. Louis, Missouri 63103; Oppenheimer &
Co., Inc., 125 Broad Street, New York, New York 10004; and Wachovia
Capital Markets, Inc., 301 South College Street, Charlotte, NC
28288. Tortoise Notes may only be bought or sold through auction or
in a secondary market maintained by certain broker-dealers. The
company intends to use the net proceeds of this offering to fully
repay all outstanding indebtedness under the company's secured
revolving credit facility and to invest the remaining net proceeds
of this offering in accordance with its investment objectives and
policies. Additionally, Tortoise Capital intends to enter into
interest rate risk management contracts in order to hedge its
borrowing costs for the Tortoise Notes. Following the issuance of
the Tortoise Notes, total assets of Tortoise Energy Capital
Corporation will be approximately $523 million. 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, L.L.C. 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.
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