Tortoise Energy Capital Corp. Completes $40 Million Preferred Shares Offering
06 April 2007 - 12:55AM
PR Newswire (US)
OVERLAND PARK, Kan., April 5 /PRNewswire-FirstCall/ -- Tortoise
Energy Capital Corp. (NYSE:TYY) today announced that it has
completed an offering of Series II Money Market Cumulative
Preferred Shares (MMP Shares) raising a total of $40 million,
before fees and expenses of the transaction. The MMP Shares are
rated "Aa2" and "AA" by Moody's Investor Services, Inc. and Fitch
Ratings, respectively. 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.
MMP Shares may only be bought or sold through an auction or in a
secondary market maintained by certain broker-dealers. There is no
assurance that such a market will be maintained. 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 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 seeks 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
Infrastructure 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 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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