Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2017
Unaudited preliminary balance sheet
(in Millions) Per Share Investments $ 2,581.7 $ 52.59 Cash and Cash Equivalents 0.4 0.01 Current Tax Asset 10.1 0.20 Other Assets 3.8 0.07 Total Assets 2,596.0 52.87 Credit Facility Borrowings 123.2 2.51 Senior Notes 412.5 8.40 Preferred Stock 165.0 3.36 Total Leverage 700.7 14.27 Other Liabilities 12.8 0.26 Deferred Tax Liability 481.8 9.81 Net Assets $ 1,400.7 $ 28.53 49.09 million common shares currently outstanding.
Top 10 holdings (as of May 31, 2017)
Name Ticker
Market Value
(in Millions)% of
Investment
Securities(1)Energy Transfer Partners, L.P. ETP $ 256.5 9.9 % Magellan Midstream Partners, L.P. MMP 206.1 8.0 % Enterprise Products Partners, L.P. EPD 184.6 7.2 % Plains All American Pipeline, L.P. PAA 168.9 6.5 % Buckeye Partners, L.P. BPL 168.9 6.5 % Western Gas Partners, L.P. WES 158.8 6.1 % ONEOK Partners, L.P. OKS 145.3 5.6 % Tesoro Logistics, L.P. TLLP 141.8 5.5 % EQT Midstream Partners, L.P. EQM 120.1 4.7 % Tallgrass Energy Partners, L.P. TEP 84.4 3.3 % Total $ 1,635.4 63.3 % (1) Percent of Investments and Cash Equivalents.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) 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 actively managed essential assets investing including the energy value chain. As of April 30, 2017, the adviser had approximately $17.0 billion of assets under management 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.
ContactsTortoise Capital Advisors, L.L.C.
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Pam Kearney, 866-362-9331
Investor and Public Relations
[email protected]
LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as
of May 31, 2017, the company’s unaudited total assets were approximately
$2.6 billion and its unaudited net asset value was $1.4 billion, or
$28.53 per share.
As of May 31, 2017, 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 392 percent, and its coverage ratio for preferred
shares was 300 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 May 31, 2017 and a summary of its top 10 holdings.
|
Unaudited preliminary balance sheet |
||||||||||||
| (in Millions) | Per Share | |||||||||||
| Investments | $ | 2,581.7 | $ | 52.59 | ||||||||
| Cash and Cash Equivalents | 0.4 | 0.01 | ||||||||||
| Current Tax Asset | 10.1 | 0.20 | ||||||||||
| Other Assets | 3.8 | 0.07 | ||||||||||
| Total Assets | 2,596.0 | 52.87 | ||||||||||
| Credit Facility Borrowings | 123.2 | 2.51 | ||||||||||
| Senior Notes | 412.5 | 8.40 | ||||||||||
| Preferred Stock | 165.0 | 3.36 | ||||||||||
| Total Leverage | 700.7 | 14.27 | ||||||||||
| Other Liabilities | 12.8 | 0.26 | ||||||||||
| Deferred Tax Liability | 481.8 | 9.81 | ||||||||||
| Net Assets | $ | 1,400.7 | $ | 28.53 | ||||||||
|
49.09 million common shares currently outstanding. |
||||||||||||
|
Top 10 holdings (as of May 31, 2017) |
|||||||||||||||
| Name |
Ticker |
Market Value |
% of |
||||||||||||
| Energy Transfer Partners, L.P. | ETP | $ | 256.5 | 9.9 | % | ||||||||||
| Magellan Midstream Partners, L.P. | MMP | 206.1 | 8.0 | % | |||||||||||
| Enterprise Products Partners, L.P. | EPD | 184.6 | 7.2 | % | |||||||||||
| Plains All American Pipeline, L.P. | PAA | 168.9 | 6.5 | % | |||||||||||
| Buckeye Partners, L.P. | BPL | 168.9 | 6.5 | % | |||||||||||
| Western Gas Partners, L.P. | WES | 158.8 | 6.1 | % | |||||||||||
| ONEOK Partners, L.P. | OKS | 145.3 | 5.6 | % | |||||||||||
| Tesoro Logistics, L.P. | TLLP | 141.8 | 5.5 | % | |||||||||||
| EQT Midstream Partners, L.P. | EQM | 120.1 | 4.7 | % | |||||||||||
| Tallgrass Energy Partners, L.P. | TEP | 84.4 | 3.3 | % | |||||||||||
| Total | $ | 1,635.4 | 63.3 | % | |||||||||||
|
(1) Percent of Investments and Cash Equivalents. |
|||||||||||||||
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) 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 actively managed essential assets investing including the energy
value chain. As of April 30, 2017, the adviser had approximately $17.0
billion of assets under management 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.
Contacts
Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor
and Public Relations
[email protected]
