Key Developments: Tortoise Energy Capital Corp (TYY)
34.19USD
22 May 2013
$0.19 (+0.56%)
$34.00
$34.15
$34.46
$33.86
54,629
68,291
$35.33
$23.89
Latest Key Developments (Source: Significant Developments)
Tortoise Energy Capital Corporation Prices Public Offering Of Mandatory Redeemable Preferred Shares
Tortoise Energy Capital Corporation announced that it has priced the sale of 5,000,000 of its 3.95% Series C Mandatory Redeemable Preferred (MRP C) Shares at $10.00 per share. The company estimates that its net proceeds from this offering, after expenses, will be approximately $49 million. The company intends to use the net proceeds of this offering, along with borrowings under its credit facility or other working capital, to redeem all $50 million of its outstanding 5.0% Series B Mandatory Redeemable Preferred Shares and may also use proceeds to invest in energy infrastructure companies in accordance with its investment objective and policies or for working capital purposes. The MRP C Shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol "TYY Pr C". The MRP C Shares are expected to be rated "AA" by Fitch Ratings. The MRP C Shares have a fixed dividend rate of 3.95 percent with a mandatory redemption on May 1, 2018. Full Article
Tortoise Energy Capital Corporation Announces Distribution Increase
Tortoise Energy Capital Corporation announced that it has declared the Company’s fourth quarter 2011 distribution of $0.4075 per share, an increase of 0.6% compared to the $0.405 distribution in the previous quarter and an increase of 1.9% compared to the $0.40 distribution in the same quarter of the prior year. The distribution is payable on November 30, 2011, to stockholders of record on November 22, 2011. Full Article
Tortoise Energy Capital Corporation Announces Distribution Increase
Tortoise Energy Capital Corporation announced that the Board of Directors the Company have declared a third quarter 2011 distribution of $0.405 per share, an increase of 0.6% compared to the $0.4025 distribution in the previous quarter. The distribution is payable on September 1, 2011, to stockholders of record on August 24, 2011. Full Article
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