Tortoise Energy Capital Corp. Announces a Distribution Increase
13 Mai 2008 - 12:22AM
Business Wire
The Board of Directors of Tortoise Energy Capital Corp. (NYSE: TYY)
today declared the company�s second quarter 2008 distribution of
$0.42 per share, compared to $0.4175 in the previous quarter and
$0.405 in the same quarter of the prior year. The distribution will
be paid on June 2, 2008 to stockholders of record on May 22, 2008.
This represents a 0.60 percent increase over the prior quarter�s
distribution and a 3.7 percent increase over the same quarter of
the prior year. A portion of this distribution is expected to be
treated as return of capital for income tax purposes, although the
ultimate determination will not be made until determination of our
earnings and profits after our year-end. Based on current financial
information, this distribution is estimated to consist of 100
percent return of capital for book purposes. �Our estimated growth
in distributions from MLPs over the next year and success in
refinancing a large portion of our leverage provides us confidence
in our ability to generate sustainable and increasing distributions
to our stockholders,� said Tortoise Energy Capital Corp. Chief
Financial Officer Terry Matlack. �We will continue to manage for
long-term DCF growth, and anticipate our progress toward
refinancing auction rate securities with long-term leverage at
reasonable costs will help us attain that goal.� 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 Tortoise
Capital Advisors, LLC is a pioneer in 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 sector. As of April 30, 2008, the adviser had
approximately $2.8 billion of assets under management. For more
information, visit our Web site 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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