Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of June 30, 2009
02 Juli 2009 - 12:34AM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that
as of June 30, 2009, the company�s unaudited total assets were
approximately $485.2 million and its unaudited net asset value was
$298.4 million, or $17.02 per share. The unaudited balance sheet
reflects a deferred tax asset of $4.3 million or $0.25 per share.
The deferred tax asset recognizes the net benefit the company
believes should be reflected under generally accepted accounting
principles.
As of June 30, 2009, 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 537 percent, and its coverage ratio
for preferred shares was 261 percent. (For more information on
calculation of coverage ratios, please refer to our most recent
applicable prospectus.)
Set forth below is a summary of the company�s unaudited balance
sheet at June 30, 2009, and a summary of its top 10 holdings.
� � � � � � �
Unaudited Balance Sheet
�
(in Millions) $ Per Share Investments
$465.8 $26.57 Cash and Cash Equivalents 14.0 0.80 Receivable for
Investments Sold 0.3 0.02 Deferred Tax Asset 4.3 0.25 Other Assets
0.8 0.04 Total Assets
485.2
27.68 � Senior Notes 90.0 5.13 Preferred Stock
95.0 5.42 Total Leverage
185.0 10.55 � Payable for Investments
Purchased 0.4 0.02 Other Liabilities
1.4
0.09 Net Assets
$298.4
$17.02 �
17.53 million common shares
currently outstanding.
� � � �
Top 10 Holdings (as of June 30,
2009)
�
Name
MarketValue(in Millions)
% ofInvestmentSecurities(1)
Kinder Morgan Management, LLC $ 41.9 8.7% Enbridge Energy Partners,
L.P. 41.7 8.7% Sunoco Logistics Partners L.P. 37.4 7.8% Plains All
American Pipeline, L.P. 36.6 7.6% NuStar Energy L.P. 31.0 6.5% TC
PipeLines, LP 30.0 6.3% Enterprise Products Partners L.P. 28.6 6.0%
Energy Transfer Partners, L.P. 27.2 5.7% Magellan Midstream
Partners, L.P. 26.7 5.6% Copano Energy, L.L.C.
15.8
3.3% Total
$316.9 66.2% �
(1) Percent of Investments and
Cash Equivalents.
About Tortoise Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master
limited partnerships (MLPs) in the energy infrastructure sector,
focusing on crude oil and refined petroleum products MLPs and
natural gas and natural gas liquids pipelines MLPs. Tortoise Energy
Capital Corp. seeks to provide its stockholders a high level of
total return with an emphasis on current distributions.
About Tortoise Capital Advisors
Tortoise Capital Advisors, LLC is a pioneer in capital markets
for master limited partnership (MLP) investment companies and a
leader in closed-end funds and separately managed accounts focused
on MLPs in the energy sector. As of May 31, 2009, the adviser had
approximately $2.0 billion of assets under management. For more
information, visit our Web site at 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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