Tortoise Energy Capital to sell $10-par series C mandatory redeemable preferreds

By Stephanie N. Rotondo

Portland, Ore., April 12 - Tortoise Energy Capital Corp. is planning an issue of $10-par series C mandatory redeemable preferreds, according to a prospectus filed with the Securities and Exchange Commission on Thursday.

There will be an over-allotment option.

Dividends are payable monthly, and the preferreds are mandatorily redeemable in 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 borrowing 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.

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