LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Aug. 31, 2018, the company’s unaudited total assets were approximately $268.5 million and its unaudited net asset value was $196.1 million, or $19.58 per share.
As of Aug. 31, 2018, 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 487 percent, and its coverage ratio for preferred shares was 377 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 Aug. 31, 2018 and a summary of its top 10 holdings.
Unaudited preliminary balance sheet |
||||||||
(in Millions) |
Per Share |
|||||||
Investments | $ | 267.8 | $ | 26.74 | ||||
Cash and Cash Equivalents | 0.2 | 0.02 | ||||||
Receivable for Investments Sold | 0.1 | 0.01 | ||||||
Other Assets |
0.4 |
0.04 |
||||||
Total Assets |
268.5 |
26.81 |
||||||
Credit Facility Borrowings | 20.8 | 2.08 | ||||||
Senior Notes | 34.0 | 3.39 | ||||||
Preferred Stock |
16.0 |
1.60 |
||||||
Total Leverage |
70.8 |
7.07 |
||||||
Other Liabilities |
1.6 |
|
0.16 |
|||||
Net Assets | $ |
196.1 |
$ |
19.58 |
||||
10.02 million common shares currently outstanding.
Top 10 holdings (as of Aug. 31, 2018) |
|||||||||||
Name |
Ticker |
Market Value (in Millions) |
% of |
||||||||
Plains GP Holdings, L.P. | PAGP | $ | 22.6 | 8.4 | % | ||||||
ONEOK, Inc. | OKE | 22.1 | 8.3 | % | |||||||
Tallgrass Energy, LP | TGE | 16.5 | 6.2 | % | |||||||
Energy Transfer Partners, L.P. | ETP | 16.1 | 6.0 | % | |||||||
TransCanada Corporation | TRP | 15.6 | 5.8 | % | |||||||
Targa Resources Corp. | TRGP | 15.4 | 5.8 | % | |||||||
Enbridge Inc. | ENB | 14.4 | 5.4 | % | |||||||
The Williams Companies, Inc. | WMB | 12.5 | 4.7 | % | |||||||
Enbridge Energy Management, L.L.C. | EEQ | 11.5 | 4.3 | % | |||||||
SemGroup Corporation | SEMG |
9.3 |
3.5 |
% |
|||||||
Total |
$ |
156.0 |
58.4 |
% |
|||||||
(1) |
Percent of Investments and Cash Equivalents. |
Energy Value Chain Conference Call
Tortoise will host a
conference call on Oct. 24, 2018 at 3 p.m. Central to discuss the energy
sector and provide an update on the energy value chain and Tortoise’s
investment outlook.
Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #21460 (available through Nov. 26, 2018)
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise
Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified,
closed-end management investment company that seeks to obtain a high
level of total return with an emphasis on current distributions. TTP
invests primarily in equity securities of pipeline companies that
transport natural gas, natural gas liquids (NGLs), crude oil and refined
products and, to a lesser extent, in other energy infrastructure
companies.
About Tortoise
Tortoise specializes in essential assets and
income. Tortoise invests in assets and services that serve essential
needs in society and can also serve essential client needs, such as
diversification and income. Tortoise’s energy investing expertise across
the energy value chain, including infrastructure and MLPs, dates back
more than 15 years. Through a variety of investment vehicles, Tortoise
provides access to a wide range of client solutions, focused on their
evolving needs. For more information, please visit www.tortoiseadvisors.com.
Tortoise Capital Advisors is the Adviser to the Tortoise Pipeline & Energy Fund, Inc.
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.