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Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information And Asset Coverage Ratio Update As Of June 30, 2014

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Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of June 30, 2014, the company's unaudited total assets were approximately $4.5 billion and its unaudited net asset value was $2.5 billion, or $52.87 per share.

As of June 30, 2014, 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 478 percent, and its coverage ratio for preferred shares was 404 percent. For more information on calculation of coverage ratios, please refer to the company's joint proxy statement/prospectus in connection with the TYG, TYY and TYN merger.

Set forth below is a summary of the company's unaudited balance sheet at June 30, 2014 and a summary of its top 10 holdings, both reflective of the recent merger noted below.

Unaudited balance sheet

(in Millions) Per Share
Investments $ 4,501.5 $ 93.75
Cash and Cash Equivalents 0.2 0.00
Receivable for Investments Sold 6.1 0.13
Current Tax Asset 0.1 0.00
Other Assets 5.2 0.11
Total Assets 4,513.1 93.99

Short-Term Borrowings 180.9 3.77
Senior Notes 524.4 10.92
Preferred Stock 130.0 2.71
Total Leverage 835.3 17.40

Payable for Investments Purchased 6.0 0.12
Other Liabilities 15.3 0.32
Deferred Tax Liability 1,117.7 23.28
Net Assets $ 2,538.8 $ 52.87

48.02 million common shares currently outstanding.

Top 10 holdings (as of June 30, 2014)

Name
Market
Value
(in Millions)
% of
Investment
Securities(1)

Plains All American Pipeline, L.P. $ 416.3 9.2 %
Magellan Midstream Partners, L.P. 403.6 9.0 %
Sunoco Logistics Partners, L.P. 312.2 6.9 %
Enterprise Products Partners, L.P. 305.2 6.8 %
Buckeye Partners, L.P. 273.0 6.1 %
ONEOK Partners, L.P. 179.3 4.0 %
Western Gas Partners, L.P. 173.9 3.9 %
Energy Transfer Partners, L.P. 173.3 3.8 %
Regency Energy Partners, L.P. 165.5 3.7 %
MarkWest Energy Partners, L.P. 155.7 3.5 %
Total $ 2,558.0 56.9 %

(1) Percent of Investments and Cash Equivalents

TYG, TYY and TYN merger completed

Effective June 23, 2014, TYY and TYN ceased their operations and were merged into TYG, and TYY and TYN stockholders became stockholders of TYG.

For more information, please review the merger closing press release. Historical TYY and TYN financial reports, distribution and tax information are available on TYG's respective pages.

TYG provides update on quarterly portfolio allocation reporting

Effective in July, to further enhance its transparency to stockholders, TYG intends to update its portfolio allocation within 3 weeks of each fiscal quarter end. However, for this quarter only, TYG will report its post-merger portfolio allocation as of June 30, 2014. The information will be available on TYG's webpage through its fact sheet.

Posted-In: Earnings News Press Releases

 

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