Tortoise to redeem all $45 million 5.6% preferreds via offer proceeds

By Jennifer Chiou

New York, Feb. 3 - Tortoise Energy Capital Corp. announced that it will apply proceeds from the sale of $50 million of 5% series B mandatory redeemable preferred shares to the redemption of all $45 million of the company's outstanding 5.6% mandatory redeemable preferred shares.

Remaining net proceeds will be used to repay short-term debt outstanding under Tortoise's credit facility, to invest in energy infrastructure companies or for working capital.

Leawood, Kan.-based Tortoise provides financing for master limited partnership investments in the energy infrastructure sector.

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