LEAWOOD, Kan. – Dec. 03, 2008 – Tortoise North American Energy Corp. (NYSE: TYN) today announced that it has redeemed approximately $7.2 million of its $10 million of Auction Rate Preferred Shares Series I and has notified its preferred shareholders that it intends to redeem the remaining approximately $2.8 million on the next auction date of Dec. 26, 2008.
Following the redemption, the company will have no auction rate preferred shares outstanding, and $15 million in senior debt.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is publicly-traded closed end fund focused on investing in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies. 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 Oct. 31, 2008, the adviser had approximately $2.0 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.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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.
Contact information: Tortoise Capital Advisors, LLC Pam Kearney, Investor Relations, (866) 362-9331, firstname.lastname@example.org