Tortoise Energy Capital to redeem $50 million of series B preferreds

By Ashley Montgomery

Kansas City, Kan., April 17 - Tortoise Energy Capital Corp. will redeem $50 million of its 5% series B mandatory redeemable preferred shares, according to a news release.

The shares will be redeemed May 17 at $10.10 per share, plus accrued dividends.

The company said it would fund the redemption with proceeds from its $50 million issue of 3.95% series C MRP shares, borrowings from its credit facility or other working capital.

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

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