Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of May 31...
June 01 2015 - 6:19PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of May 31, 2015, the company’s unaudited total
assets were approximately $417.6 million and its unaudited net
asset value was $322.2 million, or $32.17 per share.
As of May 31, 2015, 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 558 percent, and its coverage ratio
for preferred shares was 458 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 preliminary
unaudited balance sheet at May 31, 2015 and a summary of its top 10
holdings.
Unaudited balance sheet
(in Millions) Per Share
Investments $ 412.9 $ 41.22 Cash and Cash Equivalents 0.1 0.01
Receivable for Investments Sold 3.6 0.36 Other Assets
1.0 0.10 Total Assets
417.6 41.69 Credit Facility
Borrowings 19.9 1.99 Senior Notes 54.0 5.39 Preferred Stock
16.0 1.60 Total Leverage
89.9 8.98 Payable for
Investments Purchased 3.8 0.38 Other Liabilities
1.7 0.16 Net Assets
$
322.2 $ 32.17
10.02 million common shares currently outstanding.
Top 10 holdings (as of May 31,
2015)
Name
Market
Value
(in Millions)
% of
Investment
Securities(1)
The Williams Companies, Inc. $ 41.0 9.9 % Kinder Morgan, Inc. 34.1
8.2 % Spectra Energy Corp 33.7 8.2 % NiSource Inc. 32.2 7.8 %
TransCanada Corporation 24.3 5.9 % ONEOK, Inc. 20.7 5.0 % Enbridge
Energy Management, L.L.C. 20.5 5.0 % Enbridge, Inc 16.0 3.9 % Targa
Resources Corp. 15.9 3.8 % Energy Transfer Partners, L.P.
12.9 3.1 % Total
$ 251.3 60.8 %
(1) Percent of Investments and Cash Equivalents.
Estimated Tax Characterization
For tax purposes, we currently expect 80 to 100 percent of TTP’s
distributions to be characterized as dividend income and capital
gain, with the remainder, if any, as return of capital. A final
determination of the characterization will be made in January
2016.
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 invests primarily in equity securities
of pipeline companies that transport natural gas, natural gas
liquids (NGLs), crude oil and refined products and, to a lesser
extent, in other energy infrastructure companies.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in energy investments. As of April 30, 2015, the
adviser had approximately $18.5 billion of assets under management
in NYSE-listed closed-end funds, open-end 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 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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version on businesswire.com: http://www.businesswire.com/news/home/20150601006809/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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