Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Sept. ...
October 02 2017 - 7:54PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of Sept. 30, 2017, the company’s unaudited total
assets were approximately $278.3 million and its unaudited net
asset value was $208.2 million, or $20.79 per share.
As of Sept. 30, 2017, 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 535 percent, and its coverage ratio
for preferred shares was 408 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 Sept. 30, 2017 and a summary of its top 10 holdings.
Unaudited balance sheet
(in Millions)
Per Share Investments $277.6 $ 27.71 Cash and Cash
Equivalents 0.2 0.02 Receivable for Investments Sold 0.0 0.00 Other
Assets
0.5 0.05 Total Assets
278.3 27.78 Credit Facility
Borrowings 17.5 1.75 Senior Notes 34.0 3.39 Preferred Stock
16.0 1.60 Total Leverage
67.5 6.74 Payable for Investments
Purchased 0.3 0.03 Other Liabilities
2.3
0.22 Net Assets
$208.2 $
20.79
10.02 million common shares currently
outstanding.
Top 10 holdings (as of Sept. 30, 2017)
Name
Ticker
Market Value(in
Millions)
% of InvestmentSecurities(1)
Enbridge Inc. ENB $ 24.1 8.7% TransCanada Corporation TRP 21.7 7.8%
Plains GP Holdings, L.P. PAGP 20.0 7.2% ONEOK, Inc. OKE 18.6 6.7%
Enbridge Energy Management, L.L.C. EEQ 14.5 5.2% Targa Resources
Corp. TRGP 13.3 4.8% Energy Transfer Partners, L.P. ETP 12.4 4.5%
The Williams Companies, Inc. WMB 12.3 4.4% Tallgrass Energy GP LP
TEGP 11.3 4.1% SemGroup Corporation SEMG
11.0
4.0% Total
$ 159.2
57.4%
(1) Percent of Investments and Cash Equivalents.
4th Quarter Conference CallTortoise will host its fourth
quarter conference call on Oct. 25, 2017 at 3 p.m. Central to
discuss the energy sector and provide an update on the energy value
chain and Tortoise’s investment outlook.
Toll Free Dial-In Number: (877) 407-9210Toll Free Dial-In Number
(International): (201) 689-8049Replay Number: (877) 481-4010Replay
ID: 10195 (available through Nov. 25, 2017)
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., a registered investment adviser specializing in
essential assets investing (the “Adviser”), serves as our
investment adviser. Essential assets are those that are
indispensable and necessary to the functioning of our economy and
our society as a whole, such as education, healthcare,
infrastructure and energy. As of Aug. 31, 2017, 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 statementThis 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 statementThis 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/20171002006613/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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