Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Nov. 30, 2013
03 Dezember 2013 - 1:34AM
Business Wire
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that
as of Nov. 30, 2013, the company’s unaudited total assets were
approximately $1.1 billion and its unaudited net asset value was
$655.7 million, or $32.67 per share.
As of Nov. 30, 2013, 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 410 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 Nov. 30, 2013, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $1,127.4 $56.17 Cash and Cash Equivalents 0.1 0.00
Other Assets
1.6 0.08 Total Assets
1,129.1 56.25 Short-Term
Borrowings 2.2 0.11 Senior Notes 159.4 7.94 Preferred Stock
50.0 2.49 Total Leverage
211.6 10.54 Payable for
Investments Purchased 0.1 0.01 Other Liabilities 3.7 0.18 Current
Tax Liability 4.4 0.22 Deferred Tax Liability
253.6
12.63 Net Assets
$ 655.7
$32.67
20.07 million common shares currently
outstanding.
Top 10 Holdings (as of Nov. 30, 2013)
Name
MarketValue(in
Millions)
% ofInvestmentSecurities(1)
Magellan Midstream Partners, L.P. $ 87.3 7.7% Plains All American
Pipeline, L.P. 79.6 7.1% Sunoco Logistics Partners, L.P. 76.9 6.8%
Enterprise Products Partners L.P. 76.8 6.8% Buckeye Partners, L.P.
61.4 5.4% Energy Transfer Partners, L.P. 56.2 5.0% Access Midstream
Partners, L.P. 51.8 4.6% El Paso Pipeline Partners, L.P. 45.1 4.0%
Spectra Energy Partners, L.P. 43.4 3.8% Kinder Morgan Management,
LLC
43.1 3.8% Total
$ 621.6
55.0%
(1) Percent of Investments and Cash Equivalent.
Closed End Fund Year End Conference Call
TYY and the other Tortoise closed end funds will host a combined
year end conference call on Dec. 12, 2013 at 10 a.m. Central.
Please plan to participate via the live webcast by visiting the
closed-end fund section of our website at www.tortoiseadvisors.com
or via conference call by dialing (877) 407-9210.
A replay of the call will be available on the company’s website
at www.tortoiseadvisors.com or by dialing 877-660-6853 (Conference
ID # 100497) until 11:59 p.m. CST on Dec. 11, 2014.
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, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy investments. As of Oct. 31, 2013, the
adviser had approximately $13.6 billion of assets under management
in NYSE-listed closed-end investment companies, open-end funds and
other accounts. For more information, visit
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.
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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