OVERLAND PARK, Kan. - March 24, 2008 - Tortoise North American Energy Corp. (NYSE: TYN) today announced that the company has secured an extension to its revolving credit facility.
The amended credit agreement provides for a revolving credit facility of up to $15 million that can be increased to $20 million if certain conditions are met. The company currently has approximately $2.8 million outstanding under its unsecured line of credit. Outstanding loan balances will accrue interest daily at a variable per annum rate equal to the one-month LIBOR on such day plus 0.75 percent. The company will pay a quarterly non-usage fee equal to a per annum rate of 0.15 percent of the difference between the total credit facility commitment and the average outstanding loan balance at the end of each day. U.S. Bank National Association will serve as a lender and the lending syndicate agent on behalf of other lenders participating in the credit facility. The amended credit facility terminates on March 20, 2009.
The company may draw on the facility from time to time to invest in accordance with its investment policies and for working capital and other corporate purposes.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. invests in a portfolio consisting primarily of publicly-traded Canadian upstream royalty trusts and midstream and downstream income trusts (collectively, RITs) and publicly-traded United States master limited partnerships (MLPs) with diversified exposure to the growing and physically integrated North American energy markets. Tortoise North American Energy Corp.'s goal is to provide its stockholders with 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 Feb. 29, 2008, the adviser had approximately $2.8 billion of energy investment assets under management. 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