Tortoise North American Energy Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Jan. 31...
February 03 2014 - 7:18PM
Business Wire
Tortoise North American Energy Corp. (NYSE: TYN) today announced
that as of Jan. 31, 2014, the company’s unaudited total assets were
approximately $286.6 million and its unaudited net asset value was
$187.0 million or $29.61 per share.
As of Jan. 31, 2014, the company was in compliance with its
asset coverage ratios under the Investment Company Act of 1940 (the
1940 Act). The company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was 465
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 Jan. 31, 2014, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $ 285.1 $ 45.14 Cash and Cash Equivalents 0.0 0.00
Other Assets
1.5 0.24 Total
Assets
286.6 45.38
Short-Term Borrowings 51.2 8.11 Other Liabilities 0.7 0.12
Deferred Tax Liability
47.7
7.54 Net Assets
$ 187.0
$ 29.61
6.32 million common shares currently
outstanding.
Top 10 Holdings (as of Jan. 31, 2014)
Name
MarketValue(in
millions)
% ofInvestmentSecurities(1)
Plains All American Pipeline, L.P. $ 25.2 8.8 % Magellan Midstream
Partners, L.P. 20.0 7.0 % Enterprise Products Partners L.P. 19.5
6.8 % Buckeye Partners, L.P. 14.5 5.1 % Sunoco Logistics Partners,
L.P. 14.5 5.1 % Kinder Morgan Management, LLC 12.7 4.5 % Access
Midstream Partners, L.P. 11.4 4.0 % Energy Transfer Partners, L.P.
10.7 3.7 % Regency Energy Partners, L.P. 9.3 3.3 % Western Gas
Partners, L.P.
9.2 3.2
% Total
$ 147.0
51.5 %
(1) Percent of Investments and Cash Equivalents
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is a publicly-traded
closed-end fund focused primarily on investing in securities of
MLPs, including energy infrastructure, oil and gas exploitation and
production, and energy shipping companies. Tortoise North American
Energy Corp.'s goal is to provide its stockholders with 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 an investment manager
specializing in listed energy investments. As of Dec. 31, 2013, the
adviser had approximately $14.2 billion of assets under management
in NYSE-listed closed-end investment companies, open-end funds and
other 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.
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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