LEAWOOD, Kan. – June 18, 2010 – Tortoise Capital Advisors, LLC, the adviser for Tortoise Energy Infrastructure Corp., Tortoise Energy Capital Corp. and Tortoise North American Energy Corp. (NYSE: TYG, TYY and TYN respectively), announced today that TYG, TYY and TYN have amended their credit facilities. TYG has entered into a $70 million credit facility, TYY has entered into a $35 million credit facility and TYN has entered into a $15 million credit facility. Each of these agreements will mature on June 20, 2011 and are unsecured. TYG currently has $32.95 million outstanding on its credit facility, TYY currently has $8.6 million outstanding on its credit facility and TYN currently has $9.2 million outstanding on its credit facility.
Under the terms of these credit facilities, outstanding balances generally will accrue interest at a variable rate equal to one-month LIBOR plus 1.25 percent with a fee of 0.20 percent on any unused balance of the facility. U.S. Bank, N.A. remains a lender and the lending agent.
"We are pleased to announce the extension of these facilities as they provide an important source of capital to the funds," said Terry Matlack, Chief Financial Officer for the funds.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of May 31, 2010, Tortoise had approximately $3.3 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.com.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org