Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today
announced that as of July 31, 2015, the company’s unaudited total assets
were approximately $233.1 million and its unaudited net asset value was
$184.2 million, or $26.50 per share.
As of July 31, 2015, 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 483 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
July 31, 2015, and a summary of its top 10 holdings.
Unaudited balance sheet
|
|
|
|
(in Millions)
|
|
|
Per Share
|
|
Investments
|
|
|
$ 230.5
|
|
|
$33.16
|
|
Cash and Cash Equivalents
|
|
|
0.1
|
|
|
0.01
|
|
Other Assets
|
|
|
2.5
|
|
|
0.36
|
|
Total Assets
|
|
|
233.1
|
|
|
33.53
|
|
|
|
|
|
|
|
|
|
Credit Facility Borrowings
|
|
|
48.1
|
|
|
6.92
|
|
|
|
|
|
|
|
|
|
Payable for Investments Purchased
|
|
|
0.1
|
|
|
0.01
|
|
Other Liabilities
|
|
|
0.7
|
|
|
0.10
|
|
Net Assets
|
|
|
$ 184.2
|
|
|
$26.50
|
6.95 million common shares currently outstanding.
Top 10 holdings (as of July 31, 2015)
|
Name
|
|
|
Market
Value
(in Millions)
|
|
|
% of
Investment
Securities(1)
|
|
|
Enbridge Energy Management, L.L.C. (equity)
|
|
|
$ 12.6
|
|
|
5.5%
|
|
|
Kinder Morgan, Inc. (equity)
|
|
|
9.0
|
|
|
3.9%
|
|
|
CMS Energy Corp. (fixed income)
|
|
|
8.6
|
|
|
3.7%
|
|
|
TerraForm Power, Inc. (equity)
|
|
|
7.5
|
|
|
3.2%
|
|
|
TransCanada Pipelines Limited (fixed income)
|
|
|
7.0
|
|
|
3.0%
|
|
|
Kinder Morgan, Inc. (fixed income)
|
|
|
6.8
|
|
|
3.0%
|
|
|
Midcontinent Express Pipeline LLC (fixed income)
|
|
|
6.4
|
|
|
2.8%
|
|
|
WEC Energy Group (fixed income)
|
|
|
6.4
|
|
|
2.8%
|
|
|
InfraREIT, Inc.
|
|
|
6.2
|
|
|
2.7%
|
|
|
Source Gas LLC (fixed income)
|
|
|
6.1
|
|
|
2.6%
|
|
|
Total
|
|
|
$ 76.6
|
|
|
33.2%
|
|
(1) Percent of Investments and Cash Equivalents.
Estimated Tax Characterization
For tax purposes, we currently expect 80 to 100 percent of TPZ’s
distributions to be characterized as dividend income and capital gain,
with the remainder, if any, as return of capital. A final determination
of the characterization will be made in January 2016.
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 energy investments. As of June 30, 2015, the adviser had
approximately $17.0 billion of assets under management in closed-end and
open end funds, private funds and separate accounts that span the entire
energy value chain. 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.
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