The 5.6% mandatory redeemable preferred shares (MRPS) issued by Tortoise Energy Capital Corp., Leawood, Kan., (NYSE: TYY), a closed-end fund managed by Tortoise Capital Advisors LLC, are paid in full following the announced redemption of all outstanding 5.6% MRPS. The MRPS were rated AA by Fitch prior to the redemption.
The MRPS were redeemed on March 14, at $10.10 per share, which was comprised of the liquidation preference amount of $10 per share and the required redemption premium of $0.10 per share, plus accrued dividends. TYY utilized net proceeds from its recent issuance of $50 million 5.0% series B MRPS (rated AA by Fitch) and its bank credit facility to facilitate the redemption.
TYY is a non-diversified, closed-end management investment company that commenced operations on May 31, 2005. As of Feb. 28, 2011, the fund's total assets were $831.7 million.
Tortoise Capital Advisors, a wholly owned subsidiary of Tortoise Holdings LLC, is TYY's investment adviser, responsible for the fund's overall investment strategy and its implementation. The advisor was formed in October 2002 and, as of Feb. 28, 2011, had approximately $6.6 billion in assets under management in six NYSE-listed investment companies and private accounts.
Recommended Reading
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
The Need for Speed in Oil, Gas Operations
2024-03-22 - NobleAI uses “science-based AI” to improve operator decision making and speed up oil and gas developments.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.