Tortoise Capital Resources Corp. (NYSE: TTO) 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
$40 million that can be increased to $50 million if certain conditions
are met. The company currently has $34.7 million outstanding under its
secured credit facility. Outstanding loan balances will accrue interest
daily at a variable per annum rate equal to the one-month LIBOR on such
day plus 1.75 percent. The company will pay a quarterly non-usage fee
equal to a per annum rate of 0.375 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 Capital Resources Corp.
Tortoise Capital Resources Corp. invests primarily in privately-held and
micro-cap public companies operating in the midstream and downstream
segments, and to a lesser extent the upstream segments of the U.S.
energy infrastructure sector. Tortoise Capital Resources Corp. seeks to
provide stockholders a high level of total return, with an emphasis on
distributions and distribution growth.
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.
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