Tortoise Energy Capital Corp. Announces 90-Day Extension to Existing Credit Facility
20 März 2009 - 10:34PM
Business Wire
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.
Forward-Looking Statement
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.
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