Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Nov. 30...
December 01 2016 - 6:41PM
Business Wire
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of Nov. 30, 2016, the company’s unaudited total assets were
approximately $2.6 billion and its unaudited net asset value was
$1.4 billion, or $28.83 per share.
As of Nov. 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 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 20,200 shares of common stock under its
at-the-market equity offering program for gross proceeds of
approximately $0.6 million during the month of November 2016.
Set forth below is a summary of the company’s unaudited
preliminary balance sheet at Nov.30, 2016 and a summary of its top
10 holdings.
Unaudited balance sheet
(in Millions) Per
Share Investments $ 2,579.9 $ 52.67 Cash and Cash
Equivalents 0.4 0.01 Current Tax Asset 9.4 0.19 Other Assets
4.0 0.08 Total Assets
2,593.7 52.95 Credit Facility
Borrowings 109.3 2.23 Senior Notes 442.5 9.03 Preferred Stock
165.0 3.37 Total Leverage
716.8 14.63 Other Liabilities 12.9
0.27 Deferred Tax Liability
451.7 9.22
Net Assets
$ 1,412.3 $ 28.83
48.98 million common shares currently outstanding.
Top 10 holdings (as of Nov. 30, 2016)
Name
Ticker
MarketValue(in Millions)
% of
InvestmentSecurities(1)
ONEOK Partners, L.P. OKS $ 207.2 8.0% Plains All American Pipeline,
L.P. PAA 200.9 7.8% Magellan Midstream Partners, L.P. MMP 197.4
7.6% Western Gas Partners, L.P. WES 182.1 7.1% Energy Transfer
Partners, L.P. ETP 179.4 7.0% Enterprise Products Partners, L.P.
EPD 178.6 6.9% Buckeye Partners, L.P. BPL 162.9 6.3% Sunoco
Logistics Partners L.P. SXL 140.8 5.5% EQT Midstream Partners, L.P.
EQM 132.1 5.1% Spectra Energy Partners, L.P. SEP
107.6
4.2% Total
$ 1,689.0 65.5%
(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 Oct. 31, 2016, the adviser had approximately $15.0 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/20161201006543/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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