This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Tortoise Energy Capital Corp. Prices Public Offering of Mandatory Redeemable Preferred Shares 2009-11-24 18:06 ET - News Release Alternative Form of Preferred Shares to Replace Remaining Auction
Rate Preferred Shares
LEAWOOD, Kan. -- (Business Wire)
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has
priced the sale of 6,000,000 of its Mandatory Redeemable Preferred (MRP)
Shares at $10.00 per share. The company estimates that its net proceeds
from this offering, after expenses, will be approximately $58.5 million.
The company intends to use these net proceeds, along with funds borrowed
from its credit facility, to redeem all $65 million of its outstanding
auction rate preferred shares. Upon completion of its redemption of the
outstanding auction rate preferred shares, TYY will no longer have any
auction rate securities outstanding.
The MRP Shares are expected to trade on the New York Stock Exchange
(NYSE) within 30 days of original issuance under the symbol “TYY Pr A”.
The MRP Shares are expected to be rated "Aa2" and "AA" by Moody's
Investor Services, Inc. and Fitch Ratings, respectively. The company has
granted the underwriters a 30-day option to purchase a maximum of
500,000 additional MRP Shares to cover over-allotments, if any. The MRP
Shares have a fixed dividend rate of 5.60 percent with a mandatory
redemption on Nov. 30, 2016.
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