Tortoise Energy Capital Corp. Provides Notice of its Intention to Redeem a Portion of its Mandatory Redeemable Preferred Shares
23 November 2010 - 11:47PM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that
it has filed notice with the Securities and Exchange Commission of
its intent to exercise its option to redeem $20 million of its $65
million Mandatory Redeemable Preferred Shares (MRPS) on December
13, 2010. The company will redeem shares pro rata among the holders
of the MRPS in proportion to the number of shares they hold, by lot
or by other method deemed fair and equitable. The MRPS will be
redeemed at $10.10 per share, comprised of the liquidation
preference amount of $10.00 per share and the required redemption
premium of $0.10 per share, plus accrued dividends. The company
intends to utilize its bank line of credit to facilitate the
redemption.
The remainder of the MRPS may be redeemed at the option of the
company at a redemption price of $10.10 through November 30, 2011,
at $10.05 from December 1, 2011 through November 30, 2012 and at
$10.00 thereafter.
Year-End Conference Call
The company will host a conference call on Dec. 16, 2010 at 4:30
p.m. EST, to discuss current U.S. energy infrastructure industry
market conditions and TYY’s 2010 year-end performance results.
Participants can access the conference call by dialing (877)
941-2332. The call will also be webcast in a listen-only format. A
link to the webcast will be accessible at
www.tortoiseadvisors.com.
A replay of the call will be available at 6 p.m. EST on Dec. 16,
2010 and continuing until 11:59 p.m. CST Dec. 30, 2010, by dialing
(303) 590-3030. The replay access code is 4381476#. A replay of the
webcast will also be available on the company's Web site at
www.tortoiseadvisors.com through Dec. 16, 2011.
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 investments, such as pipeline and power companies.
As of Oct. 31, 2010, the adviser had approximately $5.8 billion of
assets under management in six 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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