Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today
announced that as of Sept. 30, 2014, the company’s unaudited total
assets were approximately $266.6 million and its unaudited net asset
value was $221.7 million, or $31.89 per share.
As of Sept. 30, 2014, 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 668 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
Sept. 30, 2014, and a summary of its top 10 holdings.
Unaudited balance sheet
|
|
|
(in Millions)
|
|
Per Share
|
|
|
Investments
|
|
$
|
264.3
|
|
$
|
38.02
|
|
|
Cash and Cash Equivalents
|
|
|
0.3
|
|
|
0.05
|
|
|
Other Assets
|
|
|
2.0
|
|
|
0.28
|
|
|
Total Assets
|
|
|
266.6
|
|
|
38.35
|
|
|
|
|
|
|
|
|
|
Short-Term Borrowings
|
|
|
39.0
|
|
|
5.61
|
|
|
|
|
|
|
|
|
|
Payable for Investments Purchased
|
|
|
5.0
|
|
|
0.72
|
|
|
Other Liabilities
|
|
|
0.9
|
|
|
0.13
|
|
|
Net Assets
|
|
$
|
221.7
|
|
$
|
31.89
|
|
6.95 million common shares currently outstanding.
Top 10 holdings (as of Sept. 30, 2014)
|
Name
|
|
Market
Value
(in Millions)
|
|
% of
Investment
Securities(1)
|
|
|
Enbridge Energy Management, L.L.C. (equity)
|
|
$
|
20.6
|
|
7.8
|
%
|
|
|
Kinder Morgan Management, L.L.C. (equity)
|
|
|
12.7
|
|
4.8
|
%
|
|
|
Enterprise Products Partners, L.P. (equity)
|
|
|
7.7
|
|
2.9
|
%
|
|
|
Sunoco Logistics Partners, L.P. (equity)
|
|
|
7.4
|
|
2.8
|
%
|
|
|
Midcontinent Express Pipelines (fixed income)
|
|
|
6.8
|
|
2.6
|
%
|
|
|
El Paso Corp. (fixed income)
|
|
|
6.8
|
|
2.6
|
%
|
|
|
CMS Energy Corp. (fixed income)
|
|
|
6.6
|
|
2.5
|
%
|
|
|
Energy Transfer Partners, L.P. (equity)
|
|
|
6.5
|
|
2.4
|
%
|
|
|
DCP Midstream LLC (fixed income)
|
|
|
6.4
|
|
2.4
|
%
|
|
|
Targa Resources Partners, L.P. (equity)
|
|
|
6.3
|
|
2.4
|
%
|
|
|
Total
|
|
$
|
87.8
|
|
33.2
|
%
|
|
(1) Percent of Investments and Cash Equivalents
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 listed energy investments. As of Aug. 31, 2014, the adviser had
approximately $19.2 billion of assets under management in NYSE-listed
closed-end funds, open-end 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.
Copyright Business Wire 2014