Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2009
* Reuters is not responsible for the content in this press release.
LEAWOOD, Kan.--(Business Wire)--
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of May
31, 2009, the company`s unaudited total assets were approximately $840.2 million
and its unaudited net asset value was $510.5 million, or $21.78 per share.
As of May 31, 2009, 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 427 percent, and its coverage
ratio for preferred shares was 306 percent. (For more information on calculation
of coverage ratios, please refer to our most recent applicable prospectus.)
Set forth below is a summary of the company`s unaudited balance sheet at May 31,
2009, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) $ Per Share
Investments $834.7 $35.61
Cash and Cash Equivalents 1.1 0.05
Receivable for Investments Sold 2.7 0.11
Other Assets 1.7 0.07
Total Assets 840.2 35.84
Short-Term Borrowings 7.5 0.32
Senior Notes 170.0 7.25
Preferred Stock 70.0 2.99
Total Leverage 247.5 10.56
Distribution Payable to Common Stockholders 12.7 0.54
Payable for Investments Purchased 1.5 0.06
Other Liabilities 8.6 0.37
Deferred Tax Liability 59.4 2.53
Net Assets $510.5 $21.78
23.44 million common shares currently outstanding.
Top 10 Holdings (as of May 31, 2009)
Name Market % of
Value Investment
(in Millions) Securities(1)
Enbridge Energy Partners, L.P. $ 74.7 8.9%
Enterprise Products Partners L.P. 71.8 8.6%
Kinder Morgan Management, LLC 66.6 8.0%
Energy Transfer Partners, L.P. 65.2 7.8%
Magellan Midstream Partners, L.P. 61.6 7.4%
Plains All American Pipeline, L.P. 56.2 6.7%
Inergy, L.P. 46.9 5.6%
Sunoco Logistics Partners L.P. 44.5 5.3%
TC PipeLines, LP 44.1 5.3%
NuStar Energy L.P. 39.1 4.7%
Total $570.7 68.3%
(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 goal is to provide its stockholders a high level of total
return with an emphasis on current distributions.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC is a pioneer in capital markets for master
limited partnership (MLP) investment companies and a leader in closed-end funds
and separately managed accounts focused on MLPs in the energy sector. As of
April 30, 2009, the adviser had approximately $1.9 billion of assets under
management. For more information, visit our Web site at
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.
Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com
Copyright Business Wire 2009
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.
Follow Reuters