Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2010
01 Juni 2010 - 11:52PM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that
as of May 31, 2010, the company’s unaudited total assets were
approximately $634.6 million and its unaudited net asset value was
$407.7 million, or $21.27 per share.
As of May 31, 2010, 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 616 percent, and its coverage ratio
for preferred shares was 360 percent. For more information on
calculation of coverage ratios, please refer to our most recent
applicable prospectus.
The company did not issue any shares of common stock under its
at-the-market equity offering program during the month of May
2010.
Set forth below is a summary of the company’s unaudited balance
sheet at May 31, 2010, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $ 632.6 $ 33.01 Receivable for Investments Sold 0.1
0.00 Other Assets
1.9 0.10
Total Assets
634.6 33.11
Short-Term Borrowings 1.6 0.08 Senior Notes 90.0 4.70 MRP
Shares
65.0 3.39 Total
Leverage
156.6 8.17
Distribution Payable to
CommonStockholders
7.7 0.40 Other Liabilities 2.7 0.15 Deferred Tax Liability
59.9 3.12 Net Assets
$ 407.7 $ 21.27
19.17 million common shares currently outstanding.
Top 10 Holdings (as of May 31, 2010)
Name
MarketValue(in Millions)
% ofInvestmentSecurities(1)
Kinder Morgan Management, LLC $ 53.0 8.4 % Enbridge Energy
Partners, L.P. 53.0 8.4 % Energy Transfer Partners, L.P. 50.9 8.0 %
Sunoco Logistics Partners L.P. 45.4 7.2 % Enterprise Products
Partners L.P. 43.4 6.9 % Plains All American Pipeline, L.P. 42.8
6.8 % TC PipeLines, LP 33.0 5.2 % NuStar Energy L.P. 32.2 5.1 %
Magellan Midstream Partners, L.P. 26.2 4.1 % El Paso Pipeline
Partners, L.P.
24.2 3.8
% Total
$ 404.1
63.9 %
(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 April
30, 2010, Tortoise had approximately $3.5 billion of assets under
management in five NYSE-listed investment companies and private
accounts. For more information, visit our website 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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