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.