Tortoise Power and Energy Infrastructure Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Nov. 30, 2012
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Nov. 30, 2012, the company's unaudited total assets were approximately $224.1 million and its unaudited net asset value was $186.0 million, or $26.76 per share.
As of Nov. 30, 2012, the company was in compliance with its asset coverage ratio under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 611 percent. For more information on calculation of coverage ratios, please refer to the company's most recent applicable prospectus.
Set forth below is a summary of the company's unaudited balance sheet at Nov. 30, 2012, and a summary of its top 10 holdings.
Unaudited Balance Sheet
|(in Millions)||Per Share|
|Cash and Cash Equivalents||0.1||0.01|
6.95 million common shares currently outstanding.
Top 10 Holdings (as of Nov. 30, 2012)
|Kinder Morgan Management, L.L.C. (equity)||$ 17.6||7.9%|
|Enbridge Energy Management, L.L.C. (equity)||15.1||6.8%|
|ONEOK Partners, L.P. (equity)||6.9||3.1%|
|CMS Energy Corp. (fixed income)||6.8||3.1%|
|Enterprise Products Partners, L.P. (equity)||6.6||3.0%|
|NRG Energy, Inc. (fixed income)||6.6||3.0%|
|DCP Midstream LLC (fixed income)||6.5||3.0%|
|TransCanada Pipelines Limited (fixed income)||6.4||2.9%|
|Midcontinent Express Pipeline LLC (fixed income)||6.4||2.9%|
|PPL Capital Funding, Inc. (fixed income)||6.3||2.9%|
(1) Percent of Investments and Cash Equivalents.
Bond Durations(1) (as of Aug. 31, 2012)
% of Bond Holdings
(1)Assumes call date for hybrid bonds.
|*Values do not add up exactly to 100, due to rounding.|
Year End Conference Call
The company will host a conference call on Dec. 13, 2012 at 4:30 p.m. EST, to discuss current U.S. energy industry market conditions and TPZ's 2012 year-end performance results. Participants can access the conference call by dialing (877) 407-8035. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.
A replay of the call will be available after the call continuing until Dec. 13, 2013, by dialing (877) 660-6853. The replay account number is 286 and the conference id is 400245. A replay of the webcast will also be available on the company's website at www.tortoiseadvisors.com through Dec. 13, 2013.
About Tortoise Power and Energy Infrastructure Fund, Inc.
Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) invests in a portfolio of fixed income and equity securities issued by power and energy infrastructure companies. TPZ's goal is to provide stockholders a high level of current income, with a secondary objective of capital appreciation.
About Tortoise Capital Advisors, LLC
Tortoise Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Oct. 31, 2012, the adviser had approximately $9.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund 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.
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, LLC
Pam Kearney, 866-362-9331