Tortoise Energy Capital Corp. Completes $90 Million Senior Notes Offerings and Provides Notice of its Intention to Redeem Series
18 Juni 2008 - 12:08AM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it
has completed two private offerings of Senior Notes totaling $90
million. Series E Notes totaling $25 million are due in three years
and bear a fixed interest rate of 5.56 percent, and Series F Notes
totaling $65 million are due in five years and bear a fixed rate of
6.02 percent. The company intends to use the proceeds to redeem its
Series A Auction Rate Senior Notes totaling $30 million on July 18,
2008, completing the refinancing of its Auction Rate Senior Notes.
The remaining proceeds will be used to pay down the balance of the
company�s credit facility. 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 May 31, 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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