Tortoise Pipeline & Energy Fund, Inc. (TTP) Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of ...
December 03 2018 - 7:22PM
Business Wire
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of Nov. 30, 2018, the company’s unaudited total
assets were approximately $235.0 million and its unaudited net
asset value was $163.2 million, or $16.29 per share.
As of Nov. 30, 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 433 percent, and its coverage ratio
for preferred shares was 334 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 Nov. 30, 2018 and a summary of its top
10 holdings.
Unaudited preliminary balance sheet
(in
Millions) Per Share Investments $ 234.1
$ 23.37 Cash and Cash Equivalents 0.2 0.02 Receivable for
Investments Sold 0.3 0.03 Other Assets
0.4
0.04
Total Assets
235.0
23.46
Credit Facility Borrowings 19.8 1.98 Senior Notes 34.0 3.39
Preferred Stock
16.0
1.60
Total Leverage
69.8
6.97
Payable for Investments Purchases 0.6 0.06 Other Liabilities
1.4
0.14
Net Assets
$ 163.2 $
16.29
10.02 million common shares currently
outstanding.
Top 10 holdings (as of Nov. 30, 2018)
Name
Ticker
Market Value
(in Millions)
% of Investment
Securities(1)
ONEOK, Inc. OKE $ 20.6 8.8 % Plains GP Holdings, L.P. PAGP 19.4 8.3
% TransCanada Corporation TRP 15.0 6.4 % Tallgrass Energy, LP TGE
14.3 6.1 % Energy Transfer LP ET 14.0 6.0 % Targa Resources Corp.
TRGP 12.5 5.3 % Enbridge Energy Management, L.L.C. EEQ 11.9 5.1 %
Enbridge Inc. ENB 10.9 4.6 % The Williams Companies, Inc. WMB 10.7
4.6 % MPLX LP MPLX
8.1
3.5
%
Total
$ 137.4 58.7
%
(1) Percent of Investments and Cash Equivalents.
Energy Value Chain Conference Call
Tortoise will host a conference call on Jan. 23, 2019 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: #41352 (available through Feb. 23, 2019)
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
Tortoise 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 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20181203006054/en/
TortoisePam Kearney, Investor and Public Relations(866)
362-9331pkearney@tortoiseadvisors.com
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