Tortoise
Capital Resources Corp. Announces Extension of Revolving Credit
Facility
FOR
IMMEDIATE RELEASE
OVERLAND
PARK, Kan. – March 24, 2008 – 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.
Contact
information:
Tortoise
Capital Advisors, LLC
Pam
Kearney, Investor Relations, (866) 362-9331,
pkearney@tortoiseadvisors.com