This excerpt taken from the TTO 10-Q filed Apr 8, 2009.
14. Subsequent Events
On March 2, 2009, the Company paid a distribution in the amount of $0.23 per common share, for a total of $2,061,294. Of this total, the dividend reinvestment amounted to $231,375.
On March 20, 2009, the Company entered into a 90-day extension of its amended credit facility. Terms of the extension provide for a secured revolving credit facility of up to $25,000,000. As of March 20, 2009, the Company has $22,100,000 outstanding on its credit facility. The credit agreement, as extended, terminates on June 20, 2009. The amended credit facility includes a provision requiring the Company to apply 100% of the proceeds from any private investment liquidation and 50% of the proceeds from the sale of any publicly traded portfolio assets to the outstanding balance of the facility. In addition, 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 to an amount equal to the outstanding principal balance of the loans under the amended credit agreement immediately following the prepayment. During the extension, outstanding balances generally will accrue interest at a variable rate equal to the greater of (i) the one-month LIBOR plus 3.00 percent or (ii) 5.50 percent, with a fee of 0.50 percent on any unused balance of the facility. The Company anticipates arranging a more permanent lending arrangement in the near-term.
This excerpt taken from the TTO 10-Q filed Oct 9, 2008.
15. Subsequent Events
On September 2, 2008, the Company paid a distribution in the amount of $0.2650 per common share, for a total of $2,356,874. Of this total, the dividend reinvestment amounted to $292,080.
On October 1, 2008, Millennium Midstream Partners, LP (Millennium) sold its partnership interests to Eagle Rock Energy Partners, L.P. (EROC) for $181 million in cash and approximately four million EROC unregistered common units. In exchange for its Millennium partnership interests, the Company received $13.7 million in cash and 373,224 EROC unregistered common units with an aggregate basis of $5.0 million for total proceeds at close of approximately $18.7 million. The Company originally invested $17.5 million in Millennium (including common units and incentive distribution rights), and had an adjusted cost basis of approximately $15.1 million (after reducing its basis for expected cash distributions received since investment that were treated as return of capital), resulting in a realized gain for book purposes of approximately $3.6 million. For purposes of the capital gain incentive fee, the realized gain is approximately $1.2 million, which excludes that portion of the fee that would be due as a result of expected cash distributions which were characterized as return of capital for book purposes. Pursuant to the Investment Advisory Agreement, the capital gains incentive fee is paid annually only if there are realization events and only if the calculation defined in the agreement results in an amount due. In addition, approximately $84,000 in cash and 253,113 units with an aggregate basis of $3.5 million will be held in escrow for 18 months, subject to customary closing adjustments.