Tortoise Energy plans to redeem $20 million preferred shares

By Melissa Kory

Cleveland, Nov. 23 - Tortoise Energy Capital Corp. announced that it intends to redeem $20 million of its $65 million mandatory redeemable preferred shares.

The preferreds will be redeemed on Dec. 13 at $10.10 per share, plus accrued dividends.

The company intends to use its bank line of credit to complete the redemption.

The remainder of the preferreds may be redeemed at the option of the company at a redemption price of $10.10 through Nov. 30, 2011, at $10.05 from Dec. 1, 2011 through Nov.30, 2012 and at $10.00 thereafter.

Tortoise Energy Capital provides financing for a portfolio of master limited partnership investments in the energy infrastructure sector and is based in Leawood, Kan.

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