LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Sept. 30, 2016, the company’s unaudited total assets were approximately $217.2 million and its unaudited net asset value was $167.3 million, or $24.07 per share.
As of Sept. 30, 2016, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 443 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 preliminary unaudited balance sheet at Sept. 30, 2016, and a summary of its top 10 holdings.
Unaudited balance sheet
| (in Millions) | Per Share | |||||
| Investments | $ | 213.2 | $ | 30.68 | ||
| Cash and Cash Equivalents | 0.2 | 0.02 | ||||
| Receivable for Investments Sold | 2.1 | 0.30 | ||||
| Other Assets | 1.7 | 0.24 | ||||
| Total Assets | 217.2 | 31.24 | ||||
| Credit Facility Borrowings | 48.8 | 7.02 | ||||
| Other Liabilities | 1.1 | 0.15 | ||||
| Net Assets |
$ |
167.3 | $ | 24.07 | ||
|
6.95 million common shares currently outstanding. |
||||||
Top 10 holdings (as of Sept. 30, 2016)
| Name |
Ticker |
Market Value
(in Millions) |
% of Investment Securities(1) | |||||
| Enbridge Energy Management, L.L.C. (equity) | EEQ | $ | 11.2 | 5.3 | % | |||
| Plains GP Holdings, L.P. (equity) | PAGP | 10.6 | 5.0 | % | ||||
| ONEOK, Inc. (equity) | OKE | 9.3 | 4.3 | % | ||||
| Energy Transfer Partners, L.P. (equity) | ETP | 8.4 | 3.9 | % | ||||
| TransCanada Pipelines Limited (fixed income) | 7.1 | 3.3 | % | |||||
| ONEOK, Inc. (fixed income) | 6.7 | 3.1 | % | |||||
| MidContinent Express Pipelines (fixed income) | 6.3 | 2.9 | % | |||||
| CMS Energy Corp. (fixed income) | 6.1 | 2.9 | % | |||||
| Duquesne Light Holdings, Inc. (fixed income) | 5.8 | 2.7 | % | |||||
| The Williams Companies, Inc. (fixed income) | 5.8 | 2.7 | % | |||||
| Total | $ | 77.3 | 36.1 | % | ||||
(1) Percent of Investments and Cash Equivalents.
4th Quarter Conference Call
Tortoise will host its fourth quarter closed-end fund call on Oct. 26, 2016 at 3 p.m. central time to discuss the energy sector and provide an update on its closed-end fund investment strategies.
Toll Free Dial-In Number: 877-407-9210
Replay Number: 877-660-6853
Conference
ID: 13626511
Replay Available Until: Dec. 26, 2016 at 11:59 PM
Questions for the call may be submitted in advance to email address [email protected]. No questions from participants will be taken during the call. The deadline for email submission of questions is Monday, Oct. 24, 2016 at 8:00pm Central.
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 objective is to provide stockholders a high level of current income, with a secondary objective of capital appreciation.
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 Aug. 31, 2016, the adviser had approximately $15.1 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.
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