TYY Tortoise Energy Capital Corp

Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has priced the sale of 6,000,000 of its Mandatory Redeemable Preferred (MRP) Shares at $10.00 per share. The company estimates that its net proceeds from this offering, after expenses, will be approximately $58.5 million. The company intends to use these net proceeds, along with funds borrowed from its credit facility, to redeem all $65 million of its outstanding auction rate preferred shares. Upon completion of its redemption of the outstanding auction rate preferred shares, TYY will no longer have any auction rate securities outstanding.

The MRP Shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol “TYY Pr A”. The MRP Shares are expected to be rated "Aa2" and "AA" by Moody's Investor Services, Inc. and Fitch Ratings, respectively. The company has granted the underwriters a 30-day option to purchase a maximum of 500,000 additional MRP Shares to cover over-allotments, if any. The MRP Shares have a fixed dividend rate of 5.60 percent with a mandatory redemption on Nov. 30, 2016.

BofA Merrill Lynch and Wells Fargo Securities acted as Joint Book-Running Managers for the offering. Wells Fargo Securities acted as Sole Structuring Coordinator.

The offering is made pursuant to an existing effective shelf registration statement on Form N-2 previously filed with the Securities and Exchange Commission. The offering of these securities will be made only by means of a prospectus. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from:

Banc of America Securities LLC at One Bryant Park, New York, N.Y. 10036, and Wells Fargo Securities, LLC at One Wachovia Center, 6th Floor, 301 South College Street, Charlotte, N.C. 28288.

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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