Business & Finance
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Business and Finance
Tue, August 3, 2010 Tortoise Energy Capital Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of July 31, 2010
LEAWOOD, Kan.--([ BUSINESS WIRE ])--Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of July 31, 2010, the companya™s unaudited total assets were approximately $724.4 million and its unaudited net asset value was $461.3 million, or $23.93 per share.
As of July 31, 2010, 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 companya™s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 623 percent, and its coverage ratio for preferred shares was 379 percent. For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.
The company did not issue any shares of common stock under its at-the-market equity offering program during the month of July 2010.
Set forth below is a summary of the companya™s unaudited balance sheet at July 31, 2010, and a summary of its top 10 holdings.
Unaudited Balance Sheet
| (in Millions) | Per Share | |||
| Investments | $716.1 | $37.15 | ||
| Cash and Cash Equivalents | 0.2 | 0.01 | ||
| Receivable for Investments Sold | 1.6 | 0.08 | ||
| Other Assets | 6.5 | 0.34 | ||
| Total Assets | 724.4 | 37.58 | ||
| Short-Term Borrowings | 10.7 | 0.55 | ||
| Senior Notes | 90.0 | 4.67 | ||
| MRP Shares | 65.0 | 3.37 | ||
| Total Leverage | 165.7 | 8.59 | ||
| Payable for Investments Purchased | 4.0 | 0.21 | ||
| Other Liabilities | 1.9 | 0.10 | ||
| Deferred Tax Liability | 91.5 | 4.75 | ||
| Net Assets | $461.3 | $23.93 |
19.28 million common shares currently outstanding.
Top 10 Holdings (as of July 31, 2010)
Name | Market Value (in Millions) | % of | ||
| Energy Transfer Partners, L.P. | $ 58.3 | 8.1% | ||
| Enbridge Energy Partners, L.P. | 57.7 | 8.1% | ||
| Kinder Morgan Management, LLC | 57.3 | 8.0% | ||
| Sunoco Logistics Partners L.P. | 52.6 | 7.3% | ||
| Enterprise Products Partners L.P. | 48.8 | 6.8% | ||
| Plains All American Pipeline, L.P. | 43.4 | 6.1% | ||
| TC PipeLines, LP | 36.8 | 5.1% | ||
| NuStar Energy L.P. | 35.6 | 5.0% | ||
| Magellan Midstream Partners, L.P. | 29.2 | 4.1% | ||
| El Paso Pipeline Partners, L.P. | 27.6 | 3.8% | ||
| Total | $447.3 | 62.4% |
(1) Percent of Investments and Cash Equivalents.
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, LLC
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of June 30, 2010, Tortoise had approximately $3.6 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit our Web site at [ 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 aforward-looking statementsa 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 companya™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.
