Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Oct. 3...
November 01 2012 - 5:56PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of Oct. 31, 2012, the company’s unaudited total
assets were approximately $346.8 million and its unaudited net
asset value was $263.0 million, or $26.29 per share.
As of Oct. 31, 2012, 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 519 percent, and its coverage ratio
for preferred shares was 418 percent. For more information on
calculation of coverage ratios, please refer to the company’s most
recent applicable prospectus.
Set forth below is a summary of the company’s unaudited balance
sheet at Oct. 31, 2012 and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $ 345.0 $ 34.48 Cash and Cash Equivalents 0.2 0.02
Other Assets
1.6 0.16 Total
Assets
346.8 34.66
Short-Term Borrowings 17.6 1.76 Senior Notes 49.0 4.90 Preferred
Stock
16.0 1.60 Total
Leverage
82.6 8.26
Other Liabilities
1.2 0.11
Net Assets
$ 263.0 $
26.29
10.00 million common shares currently
outstanding.
Top 10 Holdings (as of Oct. 31, 2012)
Name
MarketValue(in
Millions)
% ofInvestmentSecurities(1)
Williams Companies, Inc. $ 32.6 9.4% Spectra Energy Corp. 25.4 7.4%
Kinder Morgan Management, LLC 18.6 5.4% ONEOK, Inc. 17.7 5.1%
TransCanada Corp. 17.5 5.1% NiSource, Inc. 16.9 4.9% CenterPoint
Energy, Inc. 15.8 4.6% Enbridge Energy Management, LLC 14.1 4.1%
Plains All American Pipeline, L.P. 10.9 3.2% Enbridge, Inc.
10.7 3.1% Total
$ 180.2
52.3%
(1) Percent of Investments and Cash Equivalents
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a
non-diversified, closed-end management investment company that
seeks to obtain a high level of total return with an emphasis on
current distributions. TTP intends to focus primarily in pipeline
companies that engage in the business of transporting natural gas,
natural gas liquids, crude oil and refined products and to a lesser
extent, on other energy infrastructure companies.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy infrastructure investments. As of
Sept. 30, 2012, the adviser had approximately $9.1 billion of
assets under management in NYSE-listed closed-end investment
companies, an open-end fund and other 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 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 any forward-looking statement.
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