Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of March 31, 2016
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today
announced that as of March 31, 2016, the company’s unaudited total
assets were approximately $185.2 million and its unaudited net asset
value was $133.2 million, or $19.16 per share.
As of March 31, 2016, 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 362 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
March 31, 2016, and a summary of its top 10 holdings.
Unaudited balance sheet
|
|
|
|
(in Millions)
|
|
|
Per Share
|
|
Investments
|
|
|
$ 183.1
|
|
|
$ 26.34
|
|
Cash and Cash Equivalents
|
|
|
0.2
|
|
|
0.03
|
|
Receivable for Investments Sold
|
|
|
0.2
|
|
|
0.02
|
|
Other Assets
|
|
|
1.7
|
|
|
0.24
|
|
Total Assets
|
|
|
185.2
|
|
|
26.63
|
|
|
|
|
|
|
|
|
|
Credit Facility Borrowings
|
|
|
50.9
|
|
|
7.32
|
|
|
|
|
|
|
|
|
|
Other Liabilities
|
|
|
1.1
|
|
|
0.15
|
|
Net Assets
|
|
|
$ 133.2
|
|
|
$ 19.16
|
|
|
|
|
|
|
|
|
6.95 million common shares currently outstanding.
Top 10 holdings (as of March 31, 2016)
|
Name
|
|
|
Ticker
|
|
|
Market Value
(in Millions)
|
|
|
% of Investment
Securities(1)
|
|
Enbridge Energy Management, L.L.C. (equity)
|
|
|
EEQ
|
|
|
$ 7.7
|
|
|
4.2%
|
|
Energy Transfer Partners, L.P. (equity)
|
|
|
ETP
|
|
|
7.6
|
|
|
4.1%
|
|
ONEOK, Inc. (equity)
|
|
|
OKE
|
|
|
6.7
|
|
|
3.7%
|
|
CMS Energy Corp. (fixed income)
|
|
|
|
|
|
6.3
|
|
|
3.4%
|
|
TransCanada Pipelines Limited (fixed income)
|
|
|
|
|
|
6.2
|
|
|
3.4%
|
|
Source Gas LLC (fixed income)
|
|
|
|
|
|
6.0
|
|
|
3.3%
|
|
Duquesne Light Holdings, Inc. (fixed income)
|
|
|
|
|
|
5.7
|
|
|
3.1%
|
|
ONEOK, Inc. (fixed income)
|
|
|
|
|
|
5.7
|
|
|
3.1%
|
|
Spectra Energy Corp (equity)
|
|
|
SE
|
|
|
5.4
|
|
|
2.9%
|
|
MidContinent Express Pipelines (fixed income)
|
|
|
|
|
|
5.4
|
|
|
2.9%
|
|
Total
|
|
|
|
|
|
$ 62.7
|
|
|
34.1%
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percent of Investments and Cash Equivalents.
2nd Quarter Conference Call
Tortoise will host its second quarter closed-end fund call on April 27,
2016 at 3 p.m. central time to discuss the energy sector and provide an
update on its closed-end fund investment strategies.
Toll Free Dial-In Number: 877-407-9210
Replay Number: 877-660-6853|
Conference
ID: 13626505
Annual Stockholders’ Meeting
TPZ, NTG, NDP, TTP and TYG will host a combined annual stockholders’
meeting on May 19, 2016 at 10 a.m. CDT at 11550 Ash Street, Suite 300,
Leawood, Kan. It will be a business meeting focused specifically on
voting matters. Those unable to attend the meeting can join via
conference call by dialing 877-407-9210. A replay of the call will be
available by dialing 877-660-6853 (Conference ID # 13632828) until Aug.
19, 2016.
About Tortoise Power and Energy Infrastructure Fund, Inc.
Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) invests in a
portfolio of fixed income and equity securities issued by power and
energy infrastructure companies. TPZ’s objective is to provide
stockholders a high level of current income, with a secondary objective
of capital appreciation.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing
in energy investments 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.
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