Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Sept. 3...
October 03 2016 - 7:55PM
Business Wire
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of Sept. 30, 2016, the company’s unaudited total assets
were approximately $2.7 billion and its unaudited net asset value
was $1.5 billion, or $30.08 per share.
As of Sept. 30, 2016, the company was in compliance with its
asset coverage ratios under the Investment Company Act of 1940 (the
1940 Act) and basic maintenance covenants. The company’s asset
coverage ratio under the 1940 Act with respect to senior securities
representing indebtedness was 406 percent, and its coverage ratio
for preferred shares was 310 percent. For more information on
calculation of coverage ratios, please refer to the company’s most
recent applicable prospectus.
The company issued 39,204 shares of common stock under its
at-the-market equity offering program for gross proceeds of
approximately $1.2 million during the month of September 2016.
Set forth below is a summary of the company’s preliminary
unaudited balance sheet at Sept. 30, 2016 and a summary of its top
10 holdings.
Unaudited balance sheet
(in
Millions) Per Share
Investments $ 2,627.5 $ 53.73 Cash and Cash Equivalents 0.1 0.00
Receivable for Investments Sold 13.5 0.28 Current Tax Asset 6.2
0.13 Other Assets
3.8
0.08
Total Assets
2,651.1
54.22
Credit Facility Borrowings 92.2 1.89 Senior Notes 442.5 9.05
Preferred Stock
165.0
3.37
Total Leverage
699.7
14.31
Payable for Investments Purchased 0.2 0.01 Other Liabilities
12.3 0.25 Deferred Tax Liability
468.1
9.57
Net Assets
$ 1,470.8
$ 30.08
48.90 million common shares currently outstanding.
Top 10 holdings (as of Sept. 30,
2016)
Name
Ticker
Market Value
(in
Millions)
% of InvestmentSecurities(1)
Magellan Midstream Partners, L.P. MMP $ 201.6 7.7% ONEOK Partners,
L.P. OKS 198.0 7.5% Plains All American Pipeline, L.P. PAA 191.6
7.3% Enterprise Products Partners L.P. EPD 190.3 7.2% Energy
Transfer Partners, L.P. ETP 189.0 7.2% Buckeye Partners, L.P. BPL
181.3 6.9% Sunoco Logistics Partners L.P. SXL 178.9 6.8% Western
Gas Partners, LP WES 175.6 6.7% EQT Midstream Partners, LP EQM
147.4 5.6% Spectra Energy Partners, L.P. SEP
110.7
4.2%
Total
$ 1,764.4
67.1%
(1) Percent of Investments and Cash Equivalents.
4th Quarter Conference Call
Tortoise will host its fourth quarter closed-end fund call on
Oct. 26, 2016 at 3 p.m. central time to discuss the energy sector
and provide an update on its closed-end fund investment
strategies.
Toll Free Dial-In Number: 877-407-9210Replay Number:
877-660-6853Conference ID: 13626511Replay Available Until: Dec. 26,
2016 at 11:59 PM
Questions for the call may be submitted in advance to email
address info@tortoiseadvisors.com. No questions from participants
will be taken during the call. The deadline for email submission of
questions is Monday, Oct. 24, 2016 at 8:00pm Central.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a
portfolio of master limited partnership investments in the energy
infrastructure sector. Tortoise Energy Infrastructure Corp.’s
objective is to provide its stockholders a high level of total
return with an emphasis on current distributions.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in energy investments across the energy value chain.
As of Aug. 31, 2016, the adviser had approximately $15.1 billion of
assets under management in listed closed-end funds, mutual funds,
private funds and separate accounts. For more information, visit
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.
Forward-Looking Statement
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 company’s 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003006611/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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