Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Oct. 31...
November 01 2016 - 06:33PM
Business Wire
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of Oct. 31, 2016, the company’s unaudited total assets were
approximately $2.6 billion and its unaudited net asset value was
$1.4 billion, or $28.70 per share.
As of Oct. 31, 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 386 percent, and its coverage ratio
for preferred shares was 297 percent. For more information on
calculation of coverage ratios, please refer to the company’s most
recent applicable prospectus.
The company issued 5,950 shares of common stock under its
at-the-market equity offering program for gross proceeds of
approximately $0.2 million during the month of October 2016.
Set forth below is a summary of the company’s unaudited balance
sheet at Oct. 31, 2016 and a summary of its top 10 holdings.
Unaudited balance sheet
(in Millions) Per Share
Investments $ 2,525.0 $ 51.63 Cash and Cash Equivalents 0.1 0.00
Current Tax Asset 4.6 0.10 Other Assets
25.1
0.51 Total Assets
2,554.8
52.24 Credit Facility Borrowings 106.5
2.18 Senior Notes 442.5 9.05 Preferred Stock
165.0 3.37 Total Leverage
714.0 14.60 Other
Liabilities 9.5 0.20 Deferred Tax Liability
427.6 8.74 Net Assets
$ 1,403.7 $
28.70
48.90 million common shares currently
outstanding.
Top 10 holdings (as of Oct. 31, 2016)
Name
Ticker
MarketValue(in
Millions)
% of InvestmentSecurities(1)
ONEOK Partners, L.P. OKS $ 197.0 7.8% Magellan Midstream Partners,
L.P. MMP 191.6 7.6% Plains All American Pipeline, L.P. PAA 185.1
7.3% Energy Transfer Partners, L.P. ETP 178.7 7.1% Western Gas
Partners, L.P. WES 176.0 7.0% Enterprise Products Partners, L.P.
EPD 173.8 6.9% Buckeye Partners, L.P. BPL 163.4 6.5% Sunoco
Logistics Partners L.P. SXL 152.4 6.0% EQT Midstream Partners, L.P.
EQM 135.0 5.3% Spectra Energy Partners, L.P. SEP
108.0
4.3% Total
$ 1,661.0 65.8%
(1) Percent of Investments and Cash
Equivalents.
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 Sept. 30, 2016, the adviser had approximately $15.6 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/20161101006948/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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