Tortoise Energy Capital Corp. Completes $70 Million Auction Rate Senior Notes Offering
03 April 2007 - 12:27AM
PR Newswire (US)
OVERLAND PARK, Kan., April 2 /PRNewswire-FirstCall/ -- Tortoise
Energy Capital Corp. (NYSE:TYY) today announced that it has
completed an offering of $70 million in Auction Rate Senior Notes,
Series C (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 the lead underwriter. A.G. Edwards &
Sons, Inc., Merrill Lynch, Pierce, Fenner & Smith,
Incorporated, Oppenheimer & Co. Inc., Stifel, Nicolaus &
Company, Incorporated and Wachovia Capital Markets, LLC also
participated as underwriters for the offering. Tortoise Notes may
only be bought or sold through auction or in a secondary market
maintained by certain broker-dealers. Tortoise Energy Capital
intends to use the net proceeds of this offering to retire a
portion of its short-term debt under the company's unsecured credit
facility. About Tortoise Energy Capital Corp. Tortoise Energy
Capital Corp. provides financing primarily for master limited
partnerships (MLPs) in the energy infrastructure sector; primarily
crude oil and refined petroleum products and natural gas and
natural gas liquids pipelines. Tortoise Energy Capital's goal is to
provide its stockholders a high level of total return with an
emphasis on current dividends. About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC, the adviser to Tortoise Energy
Capital Corp., is a pioneer in the capital markets for master
limited partnership (MLP) investment companies and a leader in
closed-end funds and separately managed accounts focused on MLPs in
the energy infrastructure sector. As of Feb. 28, 2007, the adviser
had approximately $2.5 billion of energy infrastructure investment
assets under management. 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 the 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. Investors should consider the
investment objective, risks, charges and expenses of the fund
carefully before investing. For this and other important
information, investors should refer to the prospectus supplement
and accompanying prospectus, and read them carefully before
investing. Contact information Tortoise Capital Advisors, LLC Pam
Kearney, Investor Relations, (866) 362-9331, DATASOURCE: Tortoise
Energy Capital Corp. CONTACT: Pam Kearney, Investor Relations, of
Tortoise Capital Advisors, LLC, +1-866-362-9331, or Web site:
http://www.tortoiseadvisors.com/
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