Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio
Update as of July 31, 2018
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of July 31, 2018, the company’s
unaudited total assets were approximately $206.8 million and its unaudited net asset value was $149.5 million, or $21.51 per
share.
As of July 31, 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
363 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, 2018, and a summary of its top 10
holdings.
Unaudited balance sheet
|
|
(in Millions) |
|
Per Share |
|
| Investments |
|
$ |
203.8 |
|
$ |
29.32 |
|
| Cash and Cash Equivalents |
|
|
0.3 |
|
|
0.04 |
|
| Other Assets |
|
|
2.7 |
|
|
0.39 |
|
| Total Assets |
|
|
206.8 |
|
|
29.75 |
|
|
|
|
|
|
|
| Credit Facility Borrowings |
|
|
56.8 |
|
|
8.17 |
|
|
|
|
|
|
|
| Other Liabilities |
|
|
0.5 |
|
|
0.07 |
|
| Net Assets |
|
$ |
149.5 |
|
$ |
21.51 |
|
|
|
|
|
|
|
|
|
|
6.95 million common shares currently outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top 10 holdings (as of July 31, 2018)
|
Name
|
|
Ticker
|
|
Market Value
(in Millions)
|
|
% of Investment
Securities (1)
|
|
| Energy Transfer Partners, L.P. (equity) |
|
ETP |
|
$ |
11.8 |
|
5.8 |
% |
|
| ONEOK, Inc. (equity) |
|
OKE |
|
|
9.7 |
|
4.8 |
% |
|
| Tallgrass Energy, LP (equity) |
|
TGE |
|
|
9.5 |
|
4.7 |
% |
|
| The Williams Companies, Inc. (fixed income) |
|
|
|
|
8.6 |
|
4.2 |
% |
|
| Enbridge Inc. (fixed income) |
|
|
|
|
8.0 |
|
3.9 |
% |
|
| SemGroup Corporation (fixed income) |
|
|
|
|
7.7 |
|
3.8 |
% |
|
| Enbridge Energy Management, L.L.C. (equity) |
|
EEQ |
|
|
7.3 |
|
3.6 |
% |
|
| Plains GP Holdings, L.P. (equity) |
|
PAGP |
|
|
7.1 |
|
3.5 |
% |
|
| TransCanada PipeLines Limited (fixed income) |
|
|
|
|
6.9 |
|
3.4 |
% |
|
| ONEOK, Inc. (fixed income) |
|
|
|
|
6.9 |
|
3.4 |
% |
|
| Total |
|
|
|
$ |
83.5 |
|
41.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Percent of Investments and Cash Equivalents.
|
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|
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, 866-362-9331
Investor and Public Relations
pkearney@tortoiseadvisors.com
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