Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio
Update as of June 30, 2017
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 30, 2017, the company’s
unaudited total assets were approximately $211.7 million and its unaudited net asset value was $159.3 million, or $22.91 per
share.
As of June 30, 2017, 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
409 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 June 30, 2017, and a summary of its top 10
holdings.
Unaudited balance sheet
|
|
(in Millions) |
|
Per Share |
|
| Investments |
|
$ |
209.8 |
|
$ |
30.19 |
|
| Cash and Cash Equivalents |
|
|
0.1 |
|
|
0.02 |
|
| Other Assets |
|
|
1.8 |
|
|
0.25 |
|
| Total Assets |
|
|
211.7 |
|
|
30.46 |
|
|
|
|
|
|
|
| Credit Facility Borrowings |
|
|
51.5 |
|
|
7.41 |
|
|
|
|
|
|
|
| Payable for Investments Purchased |
|
|
0.2 |
|
|
0.04 |
|
| Other Liabilities |
|
|
0.7 |
|
|
0.10 |
|
| Net Assets |
|
$ |
159.3 |
|
$ |
22.91 |
|
6.95 million common shares currently outstanding.
Top 10 holdings (as of June 30, 2017)
|
Name
|
|
Ticker
|
|
Market
Value
(in Millions)
|
|
% of
Investment
Securities (1)
|
|
| Energy Transfer Partners, L.P. (equity) |
|
ETP |
|
$ 9.8 |
|
4.7% |
|
| Plains GP Holdings, L.P. (equity) |
|
PAGP |
|
8.1 |
|
3.8% |
|
| TransCanada Pipelines Limited (fixed income) |
|
|
|
7.4 |
|
3.5% |
|
| ONEOK, Inc. (equity) |
|
OKE |
|
7.3 |
|
3.5% |
|
| Enbridge Energy Management, L.L.C. (equity) |
|
EEQ |
|
7.3 |
|
3.5% |
|
| ONEOK, Inc. (fixed income) |
|
|
|
7.0 |
|
3.3% |
|
| The Williams Companies, Inc. (fixed income) |
|
|
|
6.8 |
|
3.3% |
|
| Cheniere Corpus Christi Holdings LLC (fixed income) |
|
|
|
6.6 |
|
3.1% |
|
| CMS Energy Corp. (fixed income) |
|
|
|
5.8 |
|
2.8% |
|
| SemGroup Corp. (fixed income) |
|
|
|
5.8 |
|
2.8% |
|
| Total |
|
|
|
$ 71.9 |
|
34.3% |
|
|
(1) Percent of Investments and Cash Equivalents.
|
| |
3rd Quarter Conference Call
Tortoise will host its third quarter conference call on July 26, 2017 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: 10194 (available through Aug. 26, 2017)
About Tortoise Power and Energy Infrastructure Fund, Inc.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: 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 actively managed essential assets investing including
the energy value chain. As of May 31, 2017, the adviser had approximately $16.0 billion of assets under management 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 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, L.L.C.
Pam Kearney, 866-362-9331
Investor and Public Relations
pkearney@tortoiseadvisors.com
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