Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Aug. 31, 2016
02 September 2016 - 7:34AM
Business Wire
Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of
Aug. 31, 2016, the company’s unaudited total assets were
approximately $1.5 billion and its unaudited net asset value was
$919.7 million, or $19.53 per share.
As of Aug. 31, 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 409 percent, and its coverage ratio
for preferred shares was 307 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 Aug. 31, 2016 and a summary of its top
10 holdings.
Unaudited balance sheet
(in Millions) Per
Share Investments $1,524.3 $ 32.38 Cash and Cash Equivalents
0.2 0.00 Receivable for Investments Sold 0.2 0.00 Current Tax Asset
2.2 0.05 Other Assets
2.0 0.04 Total
Assets
1,528.9 32.47 Credit
Facility Borrowings 49.3 1.05 Senior Notes 284.0 6.03 Preferred
Stock
110.0 2.34 Total Leverage
443.3 9.42 Other Liabilities 6.1
0.13 Deferred Tax Liability
159.8 3.39
Net Assets
$919.7 $ 19.53
47.08 million common shares currently
outstanding.
Top 10 holdings (as of Aug. 31, 2016)
Name
Ticker
Market Value(in Millions)
% of
InvestmentSecurities(1)
Energy Transfer Partners, L.P. ETP $ 140.7 9.2% Enterprise Products
Partners L.P. EPD 118.9 7.8% Plains All American Pipeline, L.P. PAA
107.2 7.0% Spectra Energy Partners, LP SEP 103.0 6.8% ONEOK
Partners, L.P. OKS 101.6 6.7% EQT Midstream Partners, LP EQM 91.8
6.0% Western Gas Partners, LP WES 90.9 6.0% Sunoco Logistics
Partners L.P. SXL 79.1 5.2% Williams Partners L.P. WPZ 73.7 4.8%
Buckeye Partners, L.P. BPL
73.0 4.8%
Total
$ 979.9 64.3%
(1) Percent of Investments and Cash Equivalents.
About Tortoise MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE: NTG) owns a portfolio of master
limited partnership (MLP) investments in the energy infrastructure
sector, with an emphasis on natural gas infrastructure MLPs.
Tortoise MLP Fund, Inc.’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 July 31, 2016, the adviser had approximately $14.9 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 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 any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20160901006547/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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