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Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2017
Unaudited preliminary balance sheet
(in Millions) Per Share Investments $ 1,506.9 $ 31.95 Cash and Cash Equivalents 0.2 0.00 Current Tax Asset 1.0 0.02 Other Assets 1.7 0.04 Total Assets 1,509.8 32.01 Credit Facility Borrowings 48.7 1.03 Senior Notes 284.0 6.02 Preferred Stock 110.0 2.33 Total Leverage 442.7 9.38 Other Liabilities 5.8 0.12 Deferred Tax Liability 174.3 3.70 Net Assets $ 887.0 $ 18.81 47.16 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 $ 153.8 10.2 % Enterprise Products Partners L.P. EPD 120.7 8.0 % Plains All American Pipeline, L.P. PAA 106.5 7.1 % Buckeye Partners, L.P. BPL 98.9 6.6 % Western Gas Partners, LP WES 93.2 6.2 % ONEOK Partners, L.P. OKS 85.5 5.7 % Tesoro Logistics, L.P. TLLP 76.8 5.1 % Williams Partners L.P. WPZ 71.6 4.8 % EQT Midstream Partners, LP EQM 67.2 4.5 % Magellan Midstream Partners, L.P. MMP 63.1 4.2 % Total $ 937.3 62.4 % (1) Percent of Investments and Cash Equivalents.
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE:NTG) owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’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 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 any 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 MLP Fund, Inc. (NYSE: NTG) today announced that as of May 31,
2017, the company’s unaudited total assets were approximately $1.5
billion and its unaudited net asset value was $887.0 million, or $18.81
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 400 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 | $ | 1,506.9 | $ | 31.95 | ||||||||
| Cash and Cash Equivalents | 0.2 | 0.00 | ||||||||||
| Current Tax Asset | 1.0 | 0.02 | ||||||||||
| Other Assets | 1.7 | 0.04 | ||||||||||
| Total Assets | 1,509.8 | 32.01 | ||||||||||
| Credit Facility Borrowings | 48.7 | 1.03 | ||||||||||
| Senior Notes | 284.0 | 6.02 | ||||||||||
| Preferred Stock | 110.0 | 2.33 | ||||||||||
| Total Leverage | 442.7 | 9.38 | ||||||||||
| Other Liabilities | 5.8 | 0.12 | ||||||||||
| Deferred Tax Liability | 174.3 | 3.70 | ||||||||||
| Net Assets | $ | 887.0 | $ | 18.81 | ||||||||
|
47.16 million common shares currently outstanding. |
||||||||||||
|
Top 10 holdings (as of May 31, 2017) |
|||||||||||||||
| Name |
Ticker |
Market Value |
% of |
||||||||||||
| Energy Transfer Partners, L.P. | ETP | $ | 153.8 | 10.2 | % | ||||||||||
| Enterprise Products Partners L.P. | EPD | 120.7 | 8.0 | % | |||||||||||
| Plains All American Pipeline, L.P. | PAA | 106.5 | 7.1 | % | |||||||||||
| Buckeye Partners, L.P. | BPL | 98.9 | 6.6 | % | |||||||||||
| Western Gas Partners, LP | WES | 93.2 | 6.2 | % | |||||||||||
| ONEOK Partners, L.P. | OKS | 85.5 | 5.7 | % | |||||||||||
| Tesoro Logistics, L.P. | TLLP | 76.8 | 5.1 | % | |||||||||||
| Williams Partners L.P. | WPZ | 71.6 | 4.8 | % | |||||||||||
| EQT Midstream Partners, LP | EQM | 67.2 | 4.5 | % | |||||||||||
| Magellan Midstream Partners, L.P. | MMP | 63.1 | 4.2 | % | |||||||||||
| Total | $ | 937.3 | 62.4 | % | |||||||||||
|
(1) Percent of Investments and Cash Equivalents. |
|||||||||||||||
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE:NTG) owns a portfolio of master limited
partnership (MLP) investments in the energy infrastructure sector, with
an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund,
Inc.’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 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 any
forward-looking statement.
Contacts
Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor
and Public Relations
[email protected]
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