Tortoise North American Energy Corp., Leawood, Kan., (NYSE: TYN) has redeemed $15 million of its $45 million in senior notes using cash generated from the sale of interests in Canadian royalty and income trusts.

            Tortoise president Rob Thummel says, “By selling Canadian royalty and income trusts, we’ve built a cash position that allowed us to reduce debt, improve our leverage coverage ratios and be positioned to take advantage of attractive investment opportunities.”

Tortoise no longer holds a majority of foreign assets. If the company does not hold a majority of foreign assets on Nov. 30, stockholders will not receive a foreign-source income tax credit for this tax year.

Tortoise Capital Advisors LLC provides closed-end funds and separately managed accounts focused on energy sector MLPs. SJP