Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Assets Of $492.1M.
Release here: http://www.businesswire.com/news/home/20140701006621/en
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of June 30, 2014, the company's unaudited total assets were approximately $492.1 million and its unaudited net asset value was $402.3 million, or $40.16 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 680 percent, and its coverage ratio for preferred shares was 557 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 June 30, 2014 and a summary of its top 10 holdings.
Unaudited balance sheet
(in Millions) Per Share
Investments $ 491.2 $ 49.04
Cash and Cash Equivalents 0.1 0.01
Other Assets 0.8 0.08
Total Assets 492.1 49.13
Short-Term Borrowings 23.1 2.31
Senior Notes 49.0 4.89
Preferred Stock 16.0 1.60
Total Leverage 88.1 8.80
Other Liabilities 1.7 0.17
Net Assets $ 402.3 $ 40.16
10.02 million common shares currently outstanding.
Top 10 holdings (as of June 30, 2014)
Williams Companies, Inc. $ 54.3 11.0 %
Spectra Energy Corp. 43.2 8.8 %
ONEOK, Inc. 42.6 8.7 %
NiSource, Inc. 25.7 5.2 %
Targa Resources Corp. 23.3 4.7 %
Kinder Morgan Management, LLC 20.5 4.2 %
Enbridge Energy Management, LLC 20.4 4.2 %
Enterprise Products Partners, L.P. 12.8 2.6 %
CenterPoint Energy, Inc. 12.7 2.6 %
Enbridge, Inc. 12.7 2.6 %
Total $ 268.2 54.6 %
(1) Percent of Investments and Cash Equivalents
TTP provides update on quarterly portfolio allocation reporting
Effective in July, to further enhance its transparency to stockholders, TTP intends to update its portfolio allocation within 3 weeks of each fiscal quarter end. The information will be available on TTP's webpage through its fact sheet.
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