Tortoise
Capital Resources Corp. Announces Six-Month Extension
to Credit
Facility
LEAWOOD,
Kan.– Aug. 20, 2009 – Tortoise Capital Resources Corp. (NYSE: TTO)
today announced that the company entered into a 6-month
extension of its amended
credit facility through Feb. 20, 2010. The company presently
has a balance of
$5.0 million on its bank line.
"While
the extended credit facility does not require the additional
liquidation of
portfolio investments, it has been revised to require
the company to apply the
proceeds from the sale of investments, if any, to the
outstanding loan balance"
said Terry Matlack, CFO of the company. "We do not expect
leverage reductions to
materially impact our distribution paying capacity."
Each
prepayment of principal of the loans under the amended
credit facility will
permanently reduce the maximum amount of the loans under
the amended credit
agreement. During the extended term, outstanding loan
balances generally will
accrue interest at a variable rate equal to the greater
of (i) one-month LIBOR
plus 3.00 percent, or (ii) 5.50 percent.
About
Tortoise Capital Resources Corp.
Tortoise
Capital Resources invests primarily in privately-held
and micro-cap public
companies operating in the midstream and downstream segments,
and to a lesser
extent the upstream segment, of the U.S. energy infrastructure
sector.
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 July 31,
2009, the adviser had approximately $2.4 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" within the meaning of Section 27A of the
Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. 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. Any
distribution paid in the future to our stockholders will
depend on the actual
performance of the company's investments, its costs of
leverage and other
operating expenses and will be subject to the approval
of the company's Board
and compliance with asset coverage requirements of the
Investment Company Act of
1940 and the leverage covenants.
Contact
information:
Tortoise
Capital Advisors, LLC
Pam
Kearney, Investor Relations, (866) 362-9331,
pkearney@tortoiseadvisors.com