Tortoise Energy Infrastructure Corp. Provides Unaudited Preliminary Balance Sheet Information & Asset Coverage Ratio Update a...
December 01 2017 - 7:29PM
Business Wire
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of Nov. 30, 2017, the company’s unaudited total assets were
approximately $2.2 billion and its unaudited net asset value was
$1.2 billion, or $23.93 per share.
As of Nov. 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 356 percent, and its coverage ratio
for preferred shares was 271 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, 2017 and a summary of its top
10 holdings.
Unaudited preliminary balance
sheet
(in Millions)
Per Share Investments $ 2,216.6 $ 44.89 Cash and Cash
Equivalents 0.2 0.00 Receivable for Investments Sold 1.5 0.03
Current Tax Asset 14.4 0.29 Other Assets
3.7
0.08 Total Assets
2,236.4
45.29 Credit Facility Borrowings 112.7
2.28 Senior Notes 412.5 8.36 Preferred Stock
165.0 3.34 Total Leverage
690.2 13.98 Payable for
Investments Purchased 9.0 0.18 Other Liabilities 12.1 0.24 Deferred
Tax Liability
343.5 6.96
Net Assets
$ 1,181.6 $
23.93
49.38 million common shares currently
outstanding.
Top 10 holdings (as of Nov. 30,
2017)
Name
Ticker
Market Value(in Millions)
% of
InvestmentSecurities(1)
Magellan Midstream Partners, L.P. MMP $ 190.3 8.6 % Energy Transfer
Partners, L.P. ETP 189.3 8.5 % Enterprise Products Partners L.P.
EPD 160.6 7.2 % MPLX LP MPLX 138.3 6.2 % Western Gas Partners, LP
WES 127.7 5.8 % Buckeye Partners, L.P. BPL 121.6 5.5 % Andeavor
Logistics LP ANDX 120.7 5.4 % Plains All American Pipeline, L.P.
PAA 94.0 4.2 % EQT Midstream Partners, LP EQM 88.0 4.0 % Enbridge
Energy Partners, L.P. EEP
86.4 3.9
% Total
$ 1,316.9
59.3 %
(1) Percent of Investments and Cash
Equivalents.
1st Quarter 2018 Energy Value Chain Conference
Call
Tortoise will host its first quarter 2018 conference call on
Jan. 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: #21457 (available through Feb. 24, 2018)
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a
portfolio of master limited partnership investments in the energy
infrastructure sector. Tortoise Energy Infrastructure Corp.’s
objective is to provide its stockholders a high level of total
return with an emphasis on current distributions.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C., is a registered investment
adviser specializing in essential assets investing. 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 Oct. 31,
2017, the adviser had approximately $15.5 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 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: http://www.businesswire.com/news/home/20171201005813/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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