Tortoise Energy Capital Corp., Leawood, Kan., (NYSE: TYY) plans to redeem $20 million of its $65 million mandatory redeemable preferred shares (MRPS) on Dec. 13. The MRPS will be redeemed at $10.10 per share.
Tortoise intends to utilize its bank line of credit to facilitate the redemption.
Tortoise is an investment manager specializing in listed energy infrastructure investments. As of Oct. 31, it had approximately $5.8 billion of assets under management in six NYSE-listed investment companies and private accounts.
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