LEAWOOD, Kan. – March 20, 2009 – Tortoise Energy Capital Corp. (NYSE: TYY) today announced that it has entered into a 90-day extension of its amended credit facility. Terms of the extension provide for an unsecured revolving credit facility of up to $40,000,000. The credit agreement, as extended, terminates on June 20, 2009. The company currently has no amounts outstanding on its credit facility.
During the extension, outstanding balances generally will accrue interest at a variable rate equal to one-month LIBOR plus 2.00 percent with a fee of 0.25 percent on any unused balance of the facility. The expiring facility provided up to $92,500,000 in credit availability, with outstanding balances generally accruing interest at a variable rate equal to one-month LIBOR plus 0.75 percent and a fee of 0.15 percent on any unused balance. U.S. Bank, N.A. remains a lender and the lending syndicate agent.
“We are pleased that our banks continue to support us in this difficult lending environment,” said Tortoise Energy Capital Corp.‘s Chief Financial Officer, Terry Matlack. “We have reduced our facility to more closely reflect our anticipated borrowing needs over the near term, and expect to finalize a longer-term credit facility in the next quarter.”
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited partnerships (MLPs) in the energy infrastructure sector, focusing on crude oil and refined petroleum products MLPs and natural gas and natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks to provide its stockholders a high level of total return with an emphasis on current distributions.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC is a pioneer in capital markets for master limited partnership (MLP) investment companies and a leader in closed-end funds and separately managed accounts focused on MLPs in the energy sector. As of Jan. 31, 2009, the adviser had approximately $1.7 billion of assets under management. For more information, visit 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.
This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the company and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company‘s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the company and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Tortoise Capital Advisors, LLC
Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org