Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that
as of Sept. 30, 2015, the company’s unaudited total assets were
approximately $302.7 million and its unaudited net asset value was
$204.3 million, or $20.39 per share.
As of Sept. 30, 2015, 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 395 percent, and its coverage ratio for preferred
shares was 325 percent. For more information on calculation of coverage
ratios, please refer to the company’s most recent applicable prospectus.
“Especially in this volatile market environment, we will continue to
closely monitor asset coverage ratios and take steps, as prudent, to
maintain adequate cushion over coverage requirements,” said Managing
Director, and closed-end fund CEO, Brad Adams. “The conservative nature
in which we manage our funds allows us to take a measured, low-impact
approach. We maintain our conviction for the midstream sector in which
we invest, and believe that the fundamentals remain strong.”
Tortoise Managing Director and Portfolio Manager Matt Sallee recorded a
special edition of our weekly podcast today providing thoughts on the
broad energy and midstream sectors. Listen to the podcast here
or download here.
Set forth below is a summary of the company’s preliminary unaudited
balance sheet at Sept. 30, 2015 and a summary of its top 10 holdings.
Unaudited balance sheet
|
|
|
|
(in Millions)
|
|
Per Share
|
|
Investments
|
|
|
$
|
293.3
|
|
$
|
29.28
|
|
Cash and Cash Equivalents
|
|
|
|
2.9
|
|
|
0.29
|
|
Receivable for Investments Sold
|
|
|
|
5.8
|
|
|
0.58
|
|
Other Assets
|
|
|
|
0.7
|
|
|
0.07
|
|
Total Assets
|
|
|
|
302.7
|
|
|
30.22
|
|
|
|
|
|
|
|
|
Credit Facility Borrowings
|
|
|
|
20.6
|
|
|
2.06
|
|
Senior Notes
|
|
|
|
54.0
|
|
|
5.39
|
|
Preferred Stock
|
|
|
|
16.0
|
|
|
1.60
|
|
Total Leverage
|
|
|
|
90.6
|
|
|
9.05
|
|
|
|
|
|
|
|
|
Payable for Investments Purchased
|
|
|
|
6.4
|
|
|
0.64
|
|
Other Liabilities
|
|
|
|
1.4
|
|
|
0.14
|
|
Net Assets
|
|
|
$
|
204.3
|
|
$
|
20.39
|
|
|
|
|
|
|
|
10.02 million common shares currently outstanding.
Top 10 holdings (as of Sept. 30, 2015)
|
Name
|
|
|
Market
Value
(in Millions)
|
|
% of
Investment
Securities(1)
|
|
The Williams Companies, Inc.
|
|
|
$
|
26.0
|
|
8.9%
|
|
Kinder Morgan, Inc.
|
|
|
|
23.5
|
|
8.0%
|
|
Spectra Energy Corp.
|
|
|
|
21.6
|
|
7.3%
|
|
TransCanada Corporation
|
|
|
|
14.8
|
|
5.0%
|
|
ONEOK, Inc.
|
|
|
|
14.3
|
|
4.9%
|
|
Enbridge Inc.
|
|
|
|
13.8
|
|
4.7%
|
|
Enbridge Energy Management, L.L.C.
|
|
|
|
13.7
|
|
4.7%
|
|
NiSource Inc.
|
|
|
|
12.7
|
|
4.3%
|
|
Columbia Pipeline Group, Inc.
|
|
|
|
12.5
|
|
4.3%
|
|
Energy Transfer Partners, L.P.
|
|
|
|
9.4
|
|
3.2%
|
|
Total
|
|
|
$
|
162.3
|
|
55.3%
|
|
|
|
|
|
|
|
(1) Percent of Investments and Cash Equivalents.
Quarterly call
Tortoise will host its third quarter combined closed-end fund quarterly
call on Oct. 28, 2015 at 3 pm central time to discuss the energy sector
and provide an update on its closed-end fund investment strategies.
Toll Free Dial-In Number: 877-407-9210
Replay Number: 877-660-6853
Conference
ID: 13604902
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 Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing
in energy investments. As of Aug. 31, 2015, the adviser had
approximately $15.6 billion of assets under management across the energy
value chain 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.
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