Tortoise Energy Capital Corp., Leawood, Kan., (NYSE: TYY) has priced the sale of 5 million of its 5% series B mandatory redeemable preferred (MRP B) shares at $10 per share.
The company estimates that its net proceeds from this offering will be approximately $49 million. Net proceeds will be used to redeem all $45 million of its outstanding 5.60% mandatory redeemable preferred shares. The remaining proceeds may be used to pay short-term debt, to invest in energy infrastructure companies and policies or for working capital purposes.
The MRP B shares are expected to trade on the New York Stock Exchange within 30 days of original issuance as TYY Pr B. The shares are expected to be rated AA by Fitch Ratings. Wells Fargo Securities is the sole structuring manager and book runner for the offering.
Tortoise Energy Capital provides financing for master limited partnerships in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs.
Tortoise Capital Advisors LLC is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of year-end 2010, it had approximately $6.1 billion of assets under management in six NYSE-listed investment companies and private accounts.
Recommended Reading
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
Jerry Jones Invests Another $100MM in Comstock Resources
2024-03-20 - Dallas Cowboys owner and Comstock Resources majority shareholder Jerry Jones is investing another $100 million in the company.
Chesapeake Slashing Drilling Activity, Output Amid Low NatGas Prices
2024-02-20 - With natural gas markets still oversupplied and commodity prices low, gas producer Chesapeake Energy plans to start cutting rigs and frac crews in March.
Halliburton Posts High Operating Margins for 2023
2024-01-24 - Halliburton’s CEO Jeff Miller says service intensity contributes to ongoing strong oilfield service fundamentals.