Tortoise Energy Capital Corp. Announces 4th Quarter Distribution
09 November 2009 - 11:59PM
Business Wire
The Board of Directors of Tortoise Energy Capital Corp. (NYSE:
TYY) today declared the company’s fourth quarter 2009 distribution
of $0.40 per share, which is unchanged from its prior quarter. The
distribution will be paid on Nov. 30, 2009, to stockholders of
record on Nov. 23, 2009.
“Although TYY’s 4th quarter expected payout is 91 percent of
distributable cash flow, the company does not believe it is prudent
to raise the per share distribution until it has completed the
refinancing of its remaining auction rate leverage and there is
better visibility on the costs of that leverage,” said David J.
Schulte, Managing Director of Tortoise Capital Advisors.
Expected Treatment of Distribution
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.
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, LLC
Tortoise is an investment manager specializing in listed energy
infrastructure, such as pipeline and power companies. As of Oct.
31, 2009, Tortoise had approximately $2.5 billion of assets under
management in five NYSE-listed investment companies and private
accounts. 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 company’s 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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