Tortoise Energy Capital Corp. Provides Notice of Senior Notes Redemption & Preliminary 2008 Fiscal Year-End Balance Sheet Inf...
02 Dezember 2008 - 4:06PM
Business Wire
Tortoise Energy Capital Corp. (NYSE:TYY) today announced it has
redeemed $60 million of Senior Notes. The company�s remaining $185
million of total leverage outstanding consists of $90 million of
Senior Notes and $95 million of Preferred Shares. At Nov. 30, 2008,
the company�s unaudited total assets were approximately $413.7
million, its unaudited net asset value per share was $12.85, and
the company was in compliance with its asset coverage ratios under
the 1940 Act and its basic maintenance covenants. Set forth below
is a summary of the company�s unaudited and preliminary balance
sheet at Nov. 30, 2008, and a summary of its top 10 holdings.
Preliminary Balance Sheet (in millions) (Unaudited) � Cash and Cash
Equivalents � $ 2.7 Receivable for Investments Sold 10.9
Investments 369.6 Deferred Tax Asset 30.0 Other Assets � 0.5 Total
Assets 413.7 � Short-Term Borrowings - Senior Notes 90.0 Preferred
Stock � 95.0 Total Leverage � 185.0 � Other Liabilities � 4.2 Net
Assets $ 224.5 � 17.47 million common shares currently outstanding
Top 10 Holdings (as of Nov. 30, 2008) � Name � Market Value (in
millions) � % of Investment Securities Kinder Morgan Management,
LLC � $ 37.4 � 10.0 % Sunoco Logistics Partners, L.P. 34.0 9.1 %
Plains All American Pipeline, L.P. 31.9 8.6 % Enbridge Energy
Partners, L.P 27.6 7.5 % NuStar Energy L.P. 24.5 6.6 % Enterprise
Products Partners, L.P. 22.9 6.1 % Energy Transfer Partners, L.P.
22.3 6.0 % TC PipeLines, L.P. 20.0 5.4 % Magellan Midstream
Partners, L.P. 19.1 5.1 % MarkWest Energy Partners, L.P. � 18.1 �
4.9 % Total $ 257.8 69.3 % 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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