Tortoise Captial Advisors
 

Tortoise Energy Infrastructure Corp. (TYG) Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Nov. 30, 2018

LEAWOOD, Kan. -- December 3, 2018 -- () -- Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of Nov. 30, 2018, the company’s unaudited total assets were approximately $2.1 billion and its unaudited net asset value was $1.3 billion, or $23.50 per share.

As of Nov. 30, 2018, 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 393 percent, and its coverage ratio for preferred shares was 293 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Year-to-date, through Nov. 30, 2018, the company issued 62,700 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $2.0 million.

Set forth below is a summary of the company’s unaudited preliminary balance sheet at Nov. 30, 2018 and a summary of its top 10 holdings.

Unaudited preliminary Balance Sheet

(in Millions) Per Share
Investments $ 2,119.8 $ 39.52
Cash and Cash Equivalents 0.2 0.00
Current Tax Asset 14.9 0.28
Other Assets 3.1 0.06
Total Assets 2,138.0 39.86
Credit Facility Borrowings 107.1 2.00
Senior Notes 380.0 7.08
Preferred Stock 165.0 3.08
Total Leverage 652.1 12.16
Payable for Investments Purchased 23.2 0.43
Other Liabilities 12.8 0.24
Deferred Tax Liability 189.6 3.53
Net Assets $ 1,260.3 $ 23.50

53.64 million common shares currently outstanding.

Top 10 Holdings (as of Nov. 30, 2018)

Name

Ticker

Market
Value

(in Millions)

% of
Investment

Securities(1)

Energy Transfer LP ET $ 217.1 10.2 %
Enterprise Products Partners L.P. EPD 151.4 7.1 %
Magellan Midstream Partners, L.P. MMP 149.0 7.0 %
MPLX LP MPLX 129.3 6.1 %
Andeavor Logistics LP ANDX 128.2 6.0 %
EQM Midstream Partners, LP EQM 116.4 5.5 %
Western Gas Partners, LP WES 114.9 5.4 %
Plains All American Pipeline, L.P. PAA 104.6 4.9 %
Tallgrass Energy, LP TGE 99.4 4.7 %
Antero Midstream Partners LP AM 89.8 4.2 %
Total $ 1,300.1 61.1 %

(1) Percent of Investments and Cash Equivalents.

Energy Value Chain Conference Call

Tortoise will host a conference call on Jan. 23, 2019 at 3 p.m. Central to discuss the energy sector and provide an update on the energy value chain and Tortoise’s investment outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877) 481-4010
Replay ID: #41352 (available through Feb. 23, 2019)

About Tortoise Energy Infrastructure Corp.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) 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

Tortoise specializes in essential assets and income. Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Tortoise’s energy investing expertise across the energy value chain, including infrastructure and MLPs, dates back more than 15 years. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit www.tortoiseadvisors.com.

Tortoise Capital Advisors is the Adviser to the Tortoise Energy Infrastructure Corp.

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.

Contacts

Tortoise
Pam Kearney, 866-362-9331
Investor and Public Relations
pkearney@tortoiseadvisors.com