Tortoise Energy Capital Corp. Announces 4th Quarter Distribution and Redemption of Senior Notes
11 November 2008 - 12:08AM
Business Wire
The Board of Directors of Tortoise Energy Capital Corp. (NYSE: TYY)
today declared the company�s fourth quarter 2008 distribution of
$0.43 per share, compared to $0.415 in the same quarter of the
prior year. The distribution will be paid on Nov. 28, 2008 to
stockholders of record on Nov. 20, 2008. This represents a 3.6
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. On Friday Nov. 07, 2008, TYY redeemed
$40 million in Senior Notes. Immediately following the redemption,
TYY�s asset coverage ratio under the Investment Company Act of 1940
(the 1940 Act) with respect to debt was 360 percent, and its
coverage ratio for total leverage (debt and preferred) was 220
percent. In order to pay distributions to common stockholders, the
1940 Act requires that the company have a minimum debt coverage
ratio of 300 percent and a minimum total leverage (debt and
preferred) coverage ratio of 200 percent, respectively. 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 Oct. 31, 2008, the adviser had
approximately $2.0 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.
Forward-Looking Statement This press release contains certain
statements that may include �forward-looking statements� within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical fact, included herein are
"forward-looking statements." Although the company and Tortoise
Capital Advisors believe that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Actual results could differ materially from
those anticipated in these forward-looking statements as a result
of a variety of factors, including those discussed in the funds�
reports that are filed with the Securities and Exchange Commission.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Other than as required by law, the company and Tortoise Capital
Advisors do not assume a duty to update this forward-looking
statement.
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