Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio
Update as of June 30, 2018
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 30, 2018, the company’s
unaudited total assets were approximately $195.9 million and its unaudited net asset value was $144.9 million, or $20.84 per
share.
As of June 30, 2018, 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
387 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, 2018, and a summary of its top 10
holdings.
Unaudited balance sheet
| |
|
|
|
|
|
|
(in Millions) |
|
|
Per Share |
|
|
|
|
Investments |
|
|
$ |
193.7 |
|
|
$ |
27.86 |
|
|
|
|
Cash and Cash Equivalents |
|
|
|
0.4 |
|
|
|
0.06 |
|
|
|
|
Other Assets |
|
|
|
1.8 |
|
|
|
0.26 |
|
|
|
|
Total Assets |
|
|
|
195.9 |
|
|
|
28.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility Borrowings |
|
|
|
50.4 |
|
|
|
7.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
0.6 |
|
|
|
0.09 |
|
|
|
|
Net Assets |
|
|
$ |
144.9 |
|
|
$ |
20.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.95 million common shares currently outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
Top 10 holdings (as of June 30, 2018)
| |
|
Name
|
|
|
Ticker
|
|
|
Market
Value
(in Millions)
|
|
|
% of Investment
Securities (1)
|
|
|
Energy Transfer Partners, L.P. (equity) |
|
|
ETP |
|
|
$ |
10.7 |
|
|
5.5 |
% |
|
|
ONEOK, Inc. (equity) |
|
|
OKE |
|
|
|
9.7 |
|
|
5.0 |
% |
|
|
The Williams Companies, Inc. (fixed income) |
|
|
|
|
|
|
8.6 |
|
|
4.4 |
% |
|
|
Enbridge Inc. (fixed income) |
|
|
|
|
|
|
7.7 |
|
|
4.0 |
% |
|
|
SemGroup Corporation (fixed income) |
|
|
|
|
|
|
7.6 |
|
|
3.9 |
% |
|
|
Tallgrass Energy GP, LP (equity) |
|
|
TEGP |
|
|
|
7.1 |
|
|
3.6 |
% |
|
|
Plains GP Holdings, L.P. (equity) |
|
|
PAGP |
|
|
|
7.0 |
|
|
3.6 |
% |
|
|
Enbridge Energy Management, L.L.C. (equity) |
|
|
EEQ |
|
|
|
7.0 |
|
|
3.6 |
% |
|
|
ONEOK, Inc. (fixed income) |
|
|
|
|
|
|
6.9 |
|
|
3.5 |
% |
|
|
TransCanada PipeLines Limited (fixed income) |
|
|
|
|
|
|
6.8 |
|
|
3.5 |
% |
|
|
Total |
|
|
|
|
|
$ |
79.1 |
|
|
40.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percent of Investments and Cash Equivalents.
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter 2018 Energy Value Chain Conference Call
Tortoise will host its third quarter 2018 conference call on July 25, 2018 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: #21459 (available through Aug. 25, 2018)
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
Tortoise specializes in essential assets and income. Tortoise invests in assets and services that serve essential needs in
society and can also serve essential client needs, such as diversification and income. Tortoise’s energy investing expertise across
the energy value chain, including infrastructure and MLPs, dates back more than 15 years. Through a variety of investment vehicles,
Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit
www.tortoiseadvisors.com.
Tortoise Capital Advisors is the Adviser to the Tortoise Power and Energy Infrastructure Fund, Inc.
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
Pam Kearney, Investor and Public Relations
866-362-9331
pkearney@tortoiseadvisors.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20180702006057/en/