Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Nov. 30, 2015
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as
of Nov. 30, 2015, the company’s unaudited total assets were
approximately $2.8 billion and its unaudited net asset value was $1.4
billion, or $29.28 per share.
As of Nov. 30, 2015, 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 378 percent, and its coverage ratio for preferred
shares was 255 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, 2015 and a summary of its top 10 holdings.
Unaudited balance sheet
|
|
|
|
(in Millions)
|
|
|
Per Share
|
|
Investments
|
|
|
$ 2,787.3
|
|
|
$ 58.05
|
|
Cash and Cash Equivalents
|
|
|
0.1
|
|
|
0.00
|
|
Receivable for Investments Sold
|
|
|
0.2
|
|
|
0.01
|
|
Other Assets
|
|
|
6.3
|
|
|
0.13
|
|
Total Assets
|
|
|
2,793.9
|
|
|
58.19
|
|
|
|
|
|
|
|
|
|
Credit Facility Borrowings
|
|
|
66.0
|
|
|
1.38
|
|
Senior Notes
|
|
|
545.0
|
|
|
11.35
|
|
Preferred Stock
|
|
|
295.0
|
|
|
6.14
|
|
Total Leverage
|
|
|
906.0
|
|
|
18.87
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
|
|
14.3
|
|
|
0.29
|
|
Current Tax Liability
|
|
|
21.5
|
|
|
0.45
|
|
Deferred Tax Liability
|
|
|
446.4
|
|
|
9.30
|
|
Net Assets
|
|
|
$ 1,405.7
|
|
|
$ 29.28
|
48.02 million common shares currently outstanding.
Top 10 holdings (as of Nov. 30, 2015)
|
Name
|
|
|
Ticker
|
|
|
Market
Value
(in Millions)
|
|
|
% of Investment
Securities(1)
|
|
|
Magellan Midstream Partners, L.P.
|
|
|
MMP
|
|
|
$ 263.9
|
|
|
9.5%
|
|
|
Buckeye Partners, L.P.
|
|
|
BPL
|
|
|
210.0
|
|
|
7.5%
|
|
|
Enterprise Products Partners L.P.
|
|
|
EPD
|
|
|
190.5
|
|
|
6.8%
|
|
|
Plains All American Pipeline, L.P.
|
|
|
PAA
|
|
|
176.1
|
|
|
6.3%
|
|
|
Sunoco Logistics Partners L.P.
|
|
|
SXL
|
|
|
161.4
|
|
|
5.8%
|
|
|
Energy Transfer Partners, L.P.
|
|
|
ETP
|
|
|
160.4
|
|
|
5.8%
|
|
|
Spectra Energy Partners, LP
|
|
|
SEP
|
|
|
154.1
|
|
|
5.5%
|
|
|
MarkWest Energy Partners, L.P.
|
|
|
MWE
|
|
|
139.8
|
|
|
5.0%
|
|
|
ONEOK Partners, L.P.
|
|
|
OKS
|
|
|
122.2
|
|
|
4.4%
|
|
|
Western Gas Partners, L.P.
|
|
|
WES
|
|
|
115.5
|
|
|
4.1%
|
|
|
Total
|
|
|
|
|
|
$ 1,693.9
|
|
|
60.7%
|
|
(1) Percent of Investments and Cash Equivalents.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. 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 an investment manager specializing
in energy investments. As of Oct. 31, 2015, the adviser had
approximately $14.6 billion of assets under management across the energy
value chain 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151201006846/en/
Copyright Business Wire 2015
Source: Business Wire
(December 1, 2015 - 5:41 PM EST)
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