OVERLAND PARK, Kan. July 14, 2006 Tortoise North American Energy Corp. (NYSE: TYN) today announced it has successfully completed an offering of Series I Money Market Cumulative Preferred Shares (MMP Shares) raising a total of $15 million, before fees and expenses of the transaction. The MMP Shares are rated "Aa2"and "AA" by Moody's Investor Services, Inc. and Fitch Ratings, respectively.
Lehman Brothers Inc. was the underwriter for the offering. MMP Shares may only be bought or sold through an auction or in a secondary market maintained by certain broker-dealers. There is no assurance that such market will be maintained.
Investors should consider the investment objectives, risks and charges and expenses of the Company before investing. This and other information about the Company is contained in the Company's final prospectus relating to the offering, which should be read carefully and may be obtained from Lehman Brothers Inc., whose principal office is located at 745 Seventh Ave. New York, New York 10019.
Following the issuance of the MMP Shares, the total assets of Tortoise North American Energy Corp. are approximately $169 million. The issuance of the MMP Shares completes the Company's initial leverage plans.
The Company intends to use the net proceeds of the offering to fully repay all outstanding indebtedness under the Company's revolving credit facility and will invest the remaining net offering proceeds in accordance with its investment objectives and policies.
About Tortoise North American Energy Corp.
Tortoise North American Energy invests in a portfolio consisting primarily of publicly traded Canadian royalty trusts and income trusts (collectively RITs) and publicly traded United States master limited partnerships (MLPs) with an emphasis on the midstream and downstream North American energy sector. Tortoise North American Energy Corp.'s goal is to provide its stockholders with a high level of total return with an emphasis on current dividends.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC, the adviser to Tortoise North American Energy Corp., is a pioneer in the capital markets for investment companies focused on the energy infrastructure sector. Tortoise Capital Advisors also serves as the adviser to Tortoise Energy Infrastructure Corp. (NYSE: TYG) and Tortoise Energy Capital Corp. (NYSE: TYY). To date, the adviser has approximately $1.7 billion of energy infrastructure investment assets under management. For more information, visit our website 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.
This press release contains statements, estimates or projections that may constitute "forward-looking statements" as defined under the U.S. federal securities laws. Generally the words "believe","expect," "intend," "estimate," and "anticipate" and similar expressions identify forward-looking statements, which generally are not historical in nature. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. A number of factors that could materially affect the Company's actual results, include, but are not limited to, the performance of the portfolio of securities held by the Company, the conditions in the U.S. and international financial, petroleum and other markets, the price at which the Company's shares will trade in the public markets and other factors discussed in the Company's filings with the SEC.
Pam Kearney, Investor Relations
(913) 322-5839, firstname.lastname@example.org