Tortoise Energy Capital plans to redeem $45 million preferred shares

By Toni Weeks

San Diego, Feb. 10 - Tortoise Energy Capital Corp. is calling for full redemption its $45 million of mandatory redeemable preferred shares, according to an N-23C-2 filing with the Securities and Exchange Commission.

The preferreds will be redeemed on March 14 at $10.10 plus accrued dividends of $0.06689 per share.

The redemption is being funded with the proceeds from the recent sale of $50 million of 5% series B mandatory redeemable preferreds.

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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