Dec 3, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of
Nov. 30, 2012, the company's unaudited total assets were approximately
$889.9 million and its unaudited net asset value was $540.5 million, or
$27.23 per share.
As of Nov. 30, 2012, 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 585 percent, and its coverage ratio for preferred
shares was 415 percent. For more information on calculation of coverage
ratios, please refer to the company's most recent applicable prospectus.
The company issued 2,000 shares of common stock under its at-the-market
equity offering program for gross proceeds of approximately $0.06
million during the month of November 2012.
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
|
|
Investments
|
|
$
|
888.2
|
|
$
|
44.75
|
|
Cash and Cash Equivalents
|
|
|
0.1
|
|
|
0.01
|
|
Other Assets
|
|
|
1.6
|
|
|
0.08
|
|
Total Assets
|
|
|
889.9
|
|
|
44.84
|
|
|
|
|
|
|
|
Short-Term Borrowings
|
|
|
17.7
|
|
|
0.89
|
|
Senior Notes
|
|
|
104.1
|
|
|
5.25
|
|
Preferred Stock
|
|
|
50.0
|
|
|
2.52
|
|
Total Leverage
|
|
|
171.8
|
|
|
8.66
|
|
|
|
|
|
|
|
Other Liabilities
|
|
|
3.0
|
|
|
0.15
|
|
Deferred Tax Liability
|
|
|
174.6
|
|
|
8.80
|
|
Net Assets
|
|
$
|
540.5
|
|
$
|
27.23
|
19.85 million common shares currently outstanding.
Top 10 Holdings (as of Nov. 30, 2012)
|
Name
|
|
Market
Value
(in Millions)
|
|
% of
Investment
Securities(1)
|
|
Magellan Midstream Partners, L.P.
|
|
$
|
64.7
|
|
7.3
|
%
|
|
Plains All American Pipeline, L.P.
|
|
|
61.4
|
|
6.9
|
%
|
|
Enterprise Products Partners L.P.
|
|
|
61.0
|
|
6.9
|
%
|
|
Sunoco Logistics Partners, L.P.
|
|
|
57.3
|
|
6.5
|
%
|
|
Williams Partners L.P.
|
|
|
51.2
|
|
5.8
|
%
|
|
Kinder Morgan Management, LLC
|
|
|
49.0
|
|
5.5
|
%
|
|
El Paso Pipeline Partners, L.P.
|
|
|
46.8
|
|
5.3
|
%
|
|
ONEOK Partners, L.P.
|
|
|
42.2
|
|
4.7
|
%
|
|
Enbridge Energy Partners, L.P.
|
|
|
39.8
|
|
4.5
|
%
|
|
Energy Transfer Partners, L.P.
|
|
|
38.8
|
|
4.4
|
%
|
|
Total
|
|
$
|
512.2
|
|
57.8
|
%
|
(1) Percent of Investments and Cash Equivalents.
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 TYY'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 Energy Capital Corp.
Tortoise Energy Capital Corp. provides financing for master limited
partnerships (MLPs) in the energy infrastructure sector, focusing on
crude oil and refined petroleum products MLPs and natural gas and
natural gas liquids pipelines MLPs. Tortoise Energy Capital Corp. seeks
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 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.
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
Relations
pkearney@tortoiseadvisors.com
Source: Tortoise Energy Capital Corp.
