Tortoise North American Energy Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of May 31,...
June 02 2014 - 5:10PM
Business Wire
Tortoise North American Energy Corp. (NYSE: TYN) today announced
that as of May 31, 2014, the company’s unaudited total assets were
approximately $325.9 million and its unaudited net asset value was
$204.5 million or $32.38 per share.
As of May 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 442
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 May 31, 2014, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per
Share Investments $ 325.6 $51.56 Cash and Cash Equivalents
0.2 0.02 Other Assets
0.1 0.02 Total
Assets
325.9 51.60 Short-Term
Borrowings 59.8 9.47 Other Liabilities 1.2 0.18 Deferred Tax
Liability
60.4 9.57 Net Assets
$
204.5 $32.38
6.32 million common shares currently outstanding.
Top 10 Holdings (as of May 31, 2014)
Name
MarketValue(in millions)
% of
InvestmentSecurities(1)
Plains All American Pipeline, L.P. $ 28.6 8.8% Magellan Midstream
Partners, L.P. 24.7 7.6% Enterprise Products Partners L.P. 22.0
6.7% Buckeye Partners, L.P. 17.7 5.4% Sunoco Logistics Partners,
L.P. 17.0 5.2% Access Midstream Partners, L.P. 12.8 3.9% ONEOK
Partners, L.P. 12.2 3.7% Western Gas Partners, L.P. 11.7 3.6%
Energy Transfer Equity, L.P. 11.3 3.5% Energy Transfer Partners,
L.P.
10.8 3.3% Total
$ 168.8
51.7%
(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 April 30, 2014,
the adviser had approximately $16.4 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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