LEAWOOD, Kan. - Dec. 02, 2008 - Tortoise North American Energy Corp. (NYSE: TYN) today announced it has redeemed $15 million of Senior Notes. The company's remaining $25 million of total leverage outstanding consists of $15 million of Senior Notes and $10 million of its Preferred Shares. The company has no short-term bank borrowings outstanding. At Nov. 30, 2008, the company's unaudited total assets were approximately $75.3 million, its unaudited net asset value per share was $10.78, and the company was in compliance with its asset coverage ratios under the 1940 Act and its basic maintenance covenants.
Set forth below is a summary of the company's unaudited and preliminary balance sheet at Nov. 30, 2008, and a summary of its top 10 holdings.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is publicly-traded closed end fund focused on investing in equity securities of MLPs, including oil and gas exploitation, energy infrastructure and energy shipping companies.
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 Oct. 31, 2008, the adviser had approximately $2.0 billion of 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.
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 funds' 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.
Tortoise Capital Advisors, LLC