Tortoise Capital Resources Corp (NYSE:TTO) has sold its wholly owned subsidiary Timberline Energy, LLC. The sale was closed by TTO’s portfolio company, Mowood, LLC. The purchaser was Landfill Energy Systems, LLC. Mowood will continue its ownership and operation of Omega Pipeline Company, LLC. A portion of the proceeds will be used to pay off the company’s $3.8 million credit facility. The remainder of the proceeds will be invested, with a potential investment in Omega. The impact of the transaction is expected to be neutral to its distributable cash flow.
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Tortoise Capital Resources Corporation (Tortoise Capital), is a non-diversified, closed-end management investment company focused on the United States energy infrastructure sector. The Company invests primarily in privately held and micro-cap public energy companies operating in the midstream and downstream segments, and to a lesser extent the upstream segment. The Company invests at least 90% of its total assets (including assets obtained through leverage) in companies in the energy infrastructure sector. Tortoise Capital Advisors is the investment advisor of Tortoise Capital.
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