Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of September 30, ...
02 Oktober 2009 - 12:48AM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that
as of Sept. 30, 2009, the company’s unaudited total assets were
approximately $521.2 million and its unaudited net asset value was
$332.0 million, or $18.71 per share.
As of Sept. 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 490 percent, and its coverage ratio
for preferred shares was 299 percent. For more information on
calculation of coverage ratios, please refer to our most recent
applicable prospectus.
The company issued 147,538 shares of common stock under its
at-the-market equity offering program for gross proceeds of
approximately $3.0 million during the month of Sept. 2009.
Set forth below is a summary of the company’s unaudited balance
sheet at Sept. 30, 2009, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in
Millions)
Per
Share
Investments $ 519.4 $ 29.27 Cash and Cash Equivalents 0.7 0.04
Receivable for Investments Sold 0.4 0.03 Other Assets
0.7 0.04 Total Assets
521.2 29.38 Short-Term
Borrowings 11.9 0.67 Senior Notes 90.0 5.07 Preferred Stock
65.0 3.67 Total Leverage
166.9 9.41 Payable for
Investments Purchased 0.8 0.05 Other Liabilities 4.1 0.23 Deferred
Tax Liability
17.4 0.98 Net
Assets
$ 332.0 $
18.71
17.74 million common shares
currently outstanding.
Top 10 Holdings (as of Sept. 30, 2009)
Name
MarketValue(in Millions)
% ofInvestmentSecurities(1)
Kinder Morgan Management, LLC $ 44.9 8.6 % Enbridge Energy
Partners, L.P. 44.6 8.6 % Sunoco Logistics Partners L.P. 40.9 7.9 %
Plains All American Pipeline, L.P. 39.9 7.7 % TC PipeLines, LP 32.6
6.3 % Magellan Midstream Partners, L.P. 31.2 6.0 % Enterprise
Products Partners L.P. 31.1 6.0 % Energy Transfer Partners, L.P.
30.7 5.9 % NuStar Energy L.P. 29.7 5.7 % TEPPCO Partners, L.P.
18.3 3.5 % Total
$ 343.9 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, LLC
Tortoise is an investment manager specializing in listed energy
infrastructure, such as pipeline and power companies. As of Aug.
31, 2009, Tortoise had approximately $2.3 billion of assets under
management in five NYSE-listed investment companies and private
accounts. 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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