Tortoise MLP Fund, Inc. (NTG) Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Oct. 31, 2018
November 01 2018 - 6:35PM
Business Wire
Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of
Oct. 31, 2018, the company’s unaudited total assets were
approximately $1.6 billion and its unaudited net asset value was
$951.6 million, or $15.05 per share.
As of Oct. 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 379 percent, and its coverage ratio
for preferred shares was 283 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 Oct. 31, 2018 and a summary of its top 10 holdings.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 1,538.2 $ 24.34 Cash and Cash
Equivalents 0.1 0.00 Current Tax Asset 0.6 0.01 Other Assets
12.2 0.19 Total Assets
1,551.1 24.54 Credit
Facility Borrowings 75.8 1.20 Senior Notes 312.0 4.93 Preferred
Stock
132.0 2.09 Total
Leverage
519.8 8.22
Payable for Investments Purchased 2.7 0.04 Other Liabilities 4.2
0.08 Deferred Tax Liability
72.8
1.15 Net Assets
$ 951.6
$ 15.05
63.21 million common shares currently
outstanding.
Top 10 holdings (as of Oct. 31,
2018)
Name
Ticker
Market Value(in Millions)
% of
InvestmentSecurities(1)
Energy Transfer LP ET $ 153.2 10.0 % Enterprise Products Partners
L.P. EPD 112.0 7.3 % EQM Midstream Partners, LP EQM 96.5 6.3 %
Andeavor Logistics LP ANDX 86.1 5.6 % MPLX LP MPLX 81.8 5.3 %
Western Gas Partners, LP WES 72.4 4.7 % Tallgrass Energy, LP TGE
71.1 4.6 % Plains All American Pipeline, L.P. PAA 68.2 4.4 % The
Williams Companies, Inc. WMB 61.3 4.0 % Holly Energy Partners, L.P.
HEP
61.0 4.0 % Total
$ 863.6 56.2 %
(1) Percent of Investments and Cash
Equivalents.
Energy Value Chain Conference Call
Tortoise will host a conference call on Nov. 7, 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 Dec. 7, 2018)
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE: NTG) owns a portfolio of master
limited partnership (MLP) investments in the energy infrastructure
sector, with an emphasis on natural gas infrastructure MLPs.
Tortoise MLP Fund, Inc.’s objective is to provide its stockholders
a high level of total return with an emphasis on current
distributions.
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 MLP
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 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: https://www.businesswire.com/news/home/20181101006211/en/
TortoisePam Kearney, 866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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