Tortoise Pipeline & Energy Fund, Inc. (TTP) Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of ...
September 04 2018 - 7:43PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of Aug. 31, 2018, the company’s unaudited total
assets were approximately $268.5 million and its unaudited net
asset value was $196.1 million, or $19.58 per share.
As of Aug. 31, 2018, 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 487 percent, and its coverage ratio
for preferred shares was 377 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
preliminary balance sheet at Aug. 31, 2018 and a summary of its top
10 holdings.
Unaudited preliminary balance
sheet
(in
Millions)
Per Share
Investments $ 267.8 $ 26.74 Cash and Cash Equivalents 0.2
0.02 Receivable for Investments Sold 0.1 0.01 Other Assets
0.4
0.04
Total Assets
268.5
26.81
Credit Facility Borrowings 20.8 2.08 Senior Notes 34.0 3.39
Preferred Stock
16.0
1.60
Total Leverage
70.8
7.07
Other Liabilities
1.6
0.16
Net Assets
$
196.1
$
19.58
10.02 million common shares currently
outstanding.
Top 10 holdings (as of Aug. 31,
2018)
Name
Ticker
Market Value
(in
Millions)
% ofInvestmentSecurities(1)
Plains GP Holdings, L.P. PAGP $ 22.6 8.4 % ONEOK, Inc. OKE 22.1 8.3
% Tallgrass Energy, LP TGE 16.5 6.2 % Energy Transfer Partners,
L.P. ETP 16.1 6.0 % TransCanada Corporation TRP 15.6 5.8 % Targa
Resources Corp. TRGP 15.4 5.8 % Enbridge Inc. ENB 14.4 5.4 % The
Williams Companies, Inc. WMB 12.5 4.7 % Enbridge Energy Management,
L.L.C. EEQ 11.5 4.3 % SemGroup Corporation SEMG
9.3
3.5
%
Total
$
156.0
58.4
%
(1)
Percent of Investments and Cash Equivalents.
Energy Value Chain Conference CallTortoise will host a
conference call on Oct. 24, 2018 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) 407-9210Replay Number: (877)
481-4010Replay ID: #21460 (available through Nov. 26, 2018)
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 TortoiseTortoise specializes in essential assets
and income. Tortoise invests in assets and services that serve
essential needs in society and can also serve essential client
needs, such as diversification and income. Tortoise’s energy
investing expertise across the energy value chain, including
infrastructure and MLPs, dates back more than 15 years. Through a
variety of investment vehicles, Tortoise provides access to a wide
range of client solutions, focused on their evolving needs. For
more information, please visit www.tortoiseadvisors.com.
Tortoise Capital Advisors is the Adviser to the Tortoise
Pipeline & Energy Fund, Inc.
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 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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TortoisePam Kearney, (866) 362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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