Tortoise Energy Capital Corp. (NYSE: TYY) 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
up to $92.5 million that can be increased to $160 million if certain
conditions are met. The company currently has approximately $15.8
million outstanding under its unsecured line of credit. Outstanding loan
balances will accrue interest daily at a variable per annum rate equal
to the one-month LIBOR on such day plus 0.75 percent. The company will
pay a quarterly non-usage fee equal to a per annum rate of 0.15 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 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 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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