By Stephanie N. Rotondo
Portland, Ore., April 12 - Tortoise Energy Capital Corp. sold $50 million of 3.95% $10-par series C mandatory redeemable preferreds, the company said in a press release issued Thursday.
There will be an over-allotment option.
Dividends are payable monthly, and the preferreds are mandatorily redeemable on May 1, 2018.
Tortoise Energy will apply to list the shares on the New York Stock Exchange under the symbol "TYYPC."
Wells Fargo Securities LLC is the structuring manager and bookrunner. RBC Capital Markets Inc. and Stifel Nicolaus & Co. Inc. are the co-managers.
The company will use proceeds, along with borrowings under its credit facility or other working capital, to redeem all $50 million of its series B mandatory redeemable preferreds. Funds might also be used for investing in energy infrastructure companies in accordance with investment objectives and policies or for working capital.
Tortoise Energy Capital is a nondiversified, closed-end management investment company based in Leawood, Kan.
| Issuer: | Tortoise Energy Capital Corp.
|
| Securities: | Series C mandatory redeemable preferred stock
|
| Amount: | $50 million, or 5 million shares
|
| Bookrunner: | Wells Fargo Securities LLC
|
| Co-managers: | RBC Capital Markets Inc., Stifel Nicolaus & Co. Inc.
|
| Dividend: | 3.95%
|
| Price: | $10 par
|
| Yield: | 3.95%
|
| Redemptions: | Mandatory on May 1, 2018
|
| Pricing date: | April 12
|
| Stock symbol: | NYSE: TYYPC
|
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