Tortoise Energy Capital Corp. Prices Public Offering of Mandatory Redeemable Preferred Shares
25 11월 2009 - 8:06AM
Business Wire
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.
Tortoise (NYSE:TYY)
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Tortoise (NYSE:TYY)
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