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Tortoise Energy Infrastructure Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of June 30, 2016

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LEAWOOD, Kan.--(BUSINESS WIRE)--

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of June 30, 2016, the company's unaudited total assets were approximately $2.7 billion and its unaudited net asset value was $1.5 billion, or $30.33 per share.

As of June 30, 2016, 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 403 percent, and its coverage ratio for preferred shares was 309 percent. For more information on calculation of coverage ratios, please refer to the company's most recent applicable prospectus.

The company issued 282,511 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $8.7 million during the month of June 2016.

Set forth below is a summary of the company's unaudited balance sheet at June 30, 2016 and a summary of its top 10 holdings.

Unaudited balance sheet

  (in Millions)   Per Share
Investments $ 2,695.6 $ 55.33
Cash and Cash Equivalents 3.8 0.08
Other Assets   4.0   0.08
Total Assets   2,703.4   55.49
 
Credit Facility Borrowings 98.8 2.03
Senior Notes 442.5 9.08
Preferred Stock   165.0   3.39
Total Leverage   706.3   14.50
 
Other Liabilities 10.3 0.21
Current Tax Liability 49.4 1.01
Deferred Tax Liability   459.8   9.44
Net Assets $ 1,477.6 $ 30.33
 

48.72 million common shares currently outstanding.


Top 10 holdings (as of June 30, 2016)

Name  

 

Ticker

 

Market
Value
(in Millions)

 

% of Investment
Securities(1)

Magellan Midstream Partners, L.P. MMP $ 216.6 8.0%
Enterprise Products Partners L.P. EPD 201.5 7.5%
ONEOK Partners, L.P. OKS 198.5 7.4%
Sunoco Logistics Partners L.P. SXL 184.4 6.8%
Plains All American Pipeline, L.P. PAA 181.8 6.7%
Energy Transfer Partners, L.P. ETP 181.6 6.7%
Buckeye Partners, L.P. BPL 178.1 6.6%
Western Gas Partners, LP WES 160.8 6.0%
EQT Midstream Partners, LP EQM 157.9 5.9%
Spectra Energy Partners, L.P. SEP   131.1 4.9%
Total $ 1,792.3 66.5%
 

(1) Percent of Investments and Cash Equivalents.


About Tortoise Energy Infrastructure Corp.

Tortoise Energy Infrastructure Corp. owns a portfolio of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.'s objective is 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 energy investments across the energy value chain. As of May 31, 2016, the adviser had approximately $14.1 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate 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, 866-362-9331
Investor and Public Relations
pkearney@tortoiseadvisors.com


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