Tortoise Energy Capital Corp. Announces First Quarter Dividend
10 Februar 2006 - 11:51PM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today declared its first
quarter 2006 dividend of $0.36 per share, compared to $0.34 in the
previous quarter. The dividend will be distributed on March 1,
2006, to stockholders of record on February 21, 2006. The company
has invested most of its proceeds from the recently closed offering
of Money Market Preferred Shares, and expects the next dividend to
represent full investment of the company's assets, including
leverage. Approximately 51 percent of total assets were invested in
direct placements or IPOs of MLPs or affiliates. Due to the
relatively inexpensive cost of hedging its leverage, the company
swapped short-term floating-rate obligations for longer-term fixed
rates. Management believes that the swaps will add future stability
to the company's cost of capital and should set the stage for solid
growth of the company's dividend. The company confirmed that this
dividend is estimated to be 100 percent return of capital for book
purposes. This is subject to change based upon completion of the
company's fiscal year-end. For tax purposes, the character of the
dividend will be determined at year-end and will be reported to
stockholders at the beginning of 2007 on their Form 1099. 2006
Annual Shareholders' Meeting Tortoise Energy Capital will host its
annual shareholders' meeting on April 12, 2006, at 9 a.m. CST at
the Doubletree Hotel, 10100 College Blvd. in Overland Park, Kan.
For those unable to attend the meeting, a listen-only conference
call will be provided. Please dial the number approximately five to
10 minutes prior to the scheduled starting time: U.S./Canada:
800-218-0204 International: 303-262-2140 The meeting will also be
webcast in a listen-only format. The link to the webcast can be
accessed at www.tortoiseadvisors.com where supplemental information
related to the meeting will also be available. A replay of the
meeting will be available beginning at 1 p.m. CST on April 12,
2006, and continuing until 12 a.m. C.T. April 26, 2006, by dialing
800-405-2236 (U.S./Canada). The replay access code is 11052482#. A
replay of the webcast will also be available on the Web site of the
company's adviser at www.tortoiseadvisors.com through April 12,
2007. About Tortoise Energy Capital Tortoise Energy Capital Corp.
provides financing primarily for master limited partnerships in the
energy infrastructure sector. Tortoise Energy Capital's goal is to
provide its shareholders with a high level of total return with an
emphasis on current distributions to stockholders. About Tortoise
Capital Advisors Tortoise Capital Advisors, LLC, the adviser to
Tortoise Energy Capital Corp., is a pioneer in capital markets for
investment companies and separately managed accounts focused on
MLPs in the energy infrastructure sector. Tortoise Capital Advisors
also serves as the adviser to Tortoise Energy Infrastructure Corp.
(NYSE: TYG) and Tortoise North American Energy Corp (NYSE: TYN). To
date, the adviser has approximately $1.6 billion of energy
infrastructure investment assets under management. For more
information, visit our website 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.
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