OVERLAND PARK, Kan. – June 17, 2008 – Tortoise North American Energy Corp. (NYSE: TYN) today announced that it has completed two private offerings of Senior Notes totaling $45 million. Series B Notes totaling $25 million are due in three years and bear a fixed interest rate of 5.56 percent, and Series C Notes totaling $20 million are due in seven years and bear a fixed interest rate of 6.23 percent.
The company intends to use the proceeds to redeem its Series A Auction Rate Senior Notes totaling $40 million on July 21, 2008. The remaining proceeds will be used to pay down the balance on the company's credit facility.
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 May 31, 2008, the adviser had approximately $2.8 billion of 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