Tortoise Energy Capital Corp. Completes $90 Million Senior Notes Offerings and Provides Notice of Its Intention to Redeem Series A Auction Rate Senior Notes
Posted on: Tuesday, 17 June 2008, 18:00 CDT
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has completed two private offerings of Senior Notes totaling $90 million. Series E Notes totaling $25 million are due in three years and bear a fixed interest rate of 5.56 percent, and Series F Notes totaling $65 million are due in five years and bear a fixed rate of 6.02 percent.
The company intends to use the proceeds to redeem its Series A Auction Rate Senior Notes totaling $30 million on July 18, 2008, completing the refinancing of its Auction Rate Senior Notes. The remaining proceeds will be used to pay down the balance of the company's credit facility.
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 May 31, 2008, the adviser had approximately $2.8 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.
Source: Business Wire
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