Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Sept. ...
October 01 2015 - 8:00PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of Sept. 30, 2015, the company’s unaudited total
assets were approximately $302.7 million and its unaudited net
asset value was $204.3 million, or $20.39 per share.
As of Sept. 30, 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 395 percent, and its coverage ratio
for preferred shares was 325 percent. For more information on
calculation of coverage ratios, please refer to the company’s most
recent applicable prospectus.
“Especially in this volatile market environment, we will
continue to closely monitor asset coverage ratios and take steps,
as prudent, to maintain adequate cushion over coverage
requirements,” said Managing Director, and closed-end fund CEO,
Brad Adams. “The conservative nature in which we manage our funds
allows us to take a measured, low-impact approach. We maintain our
conviction for the midstream sector in which we invest, and believe
that the fundamentals remain strong.”
Tortoise Managing Director and Portfolio Manager Matt Sallee
recorded a special edition of our weekly podcast today providing
thoughts on the broad energy and midstream sectors. Listen to the
podcast here or download here.
Set forth below is a summary of the company’s preliminary
unaudited balance sheet at Sept. 30, 2015 and a summary of its top
10 holdings.
Unaudited balance sheet
(in Millions) Per
Share Investments $ 293.3 $ 29.28 Cash and Cash Equivalents
2.9 0.29 Receivable for Investments Sold 5.8 0.58 Other Assets
0.7 0.07 Total Assets
302.7 30.22 Credit
Facility Borrowings 20.6 2.06 Senior Notes 54.0 5.39 Preferred
Stock
16.0 1.60 Total
Leverage
90.6 9.05
Payable for Investments Purchased 6.4 0.64 Other Liabilities
1.4 0.14 Net Assets
$
204.3 $ 20.39
10.02 million common shares currently
outstanding.
Top 10 holdings (as of Sept. 30, 2015)
Name
MarketValue(in Millions)
%
ofInvestmentSecurities(1)
The Williams Companies, Inc. $ 26.0 8.9% Kinder Morgan, Inc. 23.5
8.0%
Spectra Energy Corp.
21.6 7.3% TransCanada Corporation 14.8 5.0% ONEOK, Inc. 14.3 4.9%
Enbridge Inc. 13.8 4.7% Enbridge Energy Management, L.L.C. 13.7
4.7% NiSource Inc. 12.7 4.3% Columbia Pipeline Group, Inc. 12.5
4.3% Energy Transfer Partners, L.P.
9.4
3.2% Total
$ 162.3
55.3%
(1) Percent of Investments and Cash Equivalents.
Quarterly call
Tortoise will host its third quarter combined closed-end fund
quarterly call on Oct. 28, 2015 at 3 pm 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: 13604902
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 Aug. 31, 2015, the
adviser had approximately $15.6 billion of assets under management
across the energy value chain 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 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/20151001007005/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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