Tortoise Capital Advisors, LLC Provides Update On Credit Facility Agreements for Tortoise Energy Infrastructure Corp., Tortoi...
18 Juni 2010 - 10:18PM
Business Wire
Tortoise Capital Advisors, LLC, the adviser for Tortoise Energy
Infrastructure Corp. (NYSE: TYG), Tortoise Energy Capital Corp.
(NYSE: TYY) and Tortoise North American Energy Corp. (NYSE: TYN),
announced today that TYG, TYY and TYN have amended their credit
facilities. TYG has entered into a $70 million credit facility, TYY
has entered into a $35 million credit facility and TYN has entered
into a $15 million credit facility. Each of these agreements will
mature on June 20, 2011 and are unsecured. TYG currently has $32.95
million outstanding on its credit facility, TYY currently has $8.6
million outstanding on its credit facility and TYN currently has
$9.2 million outstanding on its credit facility.
Under the terms of these credit facilities, outstanding balances
generally will accrue interest at a variable rate equal to
one-month LIBOR plus 1.25 percent with a fee of 0.20 percent on any
unused balance of the facility. U.S. Bank, N.A. remains a lender
and the lending agent.
“We are pleased to announce the extension of these facilities as
they provide an important source of capital to the funds,” said
Terry Matlack, Chief Financial Officer for the funds.
About Tortoise Capital Advisors, LLC
Tortoise is an investment manager specializing in listed energy
infrastructure, such as pipeline and power companies. As of May 31,
2010, Tortoise had approximately $3.3 billion of assets under
management in five NYSE-listed investment companies and private
accounts. 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.
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