Business & Finance
Tue, March 19, 2013Mon, March 18, 2013Sun, March 17, 2013Sat, March 16, 2013Fri, March 15, 2013Thu, March 14, 2013Wed, March 13, 2013Tue, March 12, 2013Mon, March 11, 2013Sun, March 10, 2013Sat, March 9, 2013Fri, March 8, 2013Thu, March 7, 2013Wed, March 6, 2013Tue, March 5, 2013Salient Midstream amp;; MLP Fund Announces its Net Asset Value as of February 28, 2013 and Provides Fund Update
Published in Business and Finance on Monday, March 11th 2013 at 11:45 GMT by Market Wire
Salient Midstream & MLP Fund Announces its Net Asset Value as of February... -- HOUSTON, March 11, 2013 /PRNewswire/ --
HOUSTON, March 11, 2013 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: [ SMM ]) released today its net asset value (NAV) as of February 28, 2013 and provided an update on the Fund's current portfolio.
(Logo: [ http://photos.prnewswire.com/prnh/20120917/NY75507LOGO ] )
As of February 28, 2013, the Fund's net assets were $205.4 million and the net asset value per share was $21.66. The Fund's net assets on January 31, 2013 were $205.9 million and the net asset value per share was $21.72. The NAV on February 28, 2013 was $21.66 after paying $0.335 in dividends during the month. On February 28, 2013, the closing share price of the Fund was $22.00, which represents a 1.6% premium to the NAV.
As of February 28, 2013, the advisor has invested the Fund in long-term investments as shown in the pie chart below:
(Photo: [ http://photos.prnewswire.com/prnh/20130311/NY74699 ] )
Also as of February 28, 2013, the Fund's 10 largest consolidated holdings were:
Company | Sector | Shares | Amount (in millions) | Percent of Consolidated Gross Assets |
Enterprise Products Partners, LP* | MLP | 402,459 | $24.5 | 9.2% |
Plains All American Pipeline, LP | MLP | 370,000 | $20.3 | 7.6% |
Williams Companies, Inc. | Midstream Company | 547,900 | $19.0 | 7.1% |
Kinder Morgan Management, LLC | MLP Affiliate | 211,532 | $17.5 | 6.6% |
Kinder Morgan, Inc. | Midstream Company | 374,348 | $13.9 | 5.2% |
LinnCo, LLC | MLP Affiliate | 333,390 | $13.0 | 4.9% |
Enbridge Energy Management, LLC | MLP Affiliate | 457,775 | $12.5 | 4.7% |
Teekay Offshore Partners, LP | Marine Midstream | 442,281 | $12.4 | 4.6% |
Crosstex Energy, Inc. | Midstream Company | 733,805 | $12.2 | 4.6% |
EMG Utica LLC | MLP Affiliate | 8,466,841 | $8.5 | 3.2% |
*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc. | ||||
The Fund's consolidated unaudited balance sheet as of February 28, 2013, is shown below:
Salient Midstream & MLP Fund | ||
Consolidated Balance Sheet | ||
February 28, 2013 | ||
(Unaudited) | ||
Assets | (in millions) | |
Investments1 | $275.4 | |
Cash and Cash Equivalents | 12.8 | |
Receivable for Investments Sold | 2.1 | |
Hedging and Other Assets | -0.2 | |
Total Assets | 290.1 | |
Liabilities | ||
Line of Credit Payable2 | 75.9 | |
Derivatives – Short positions | 0.3 | |
Other Liabilities | 6.2 | |
Total Liabilities | 84.8 | |
Net Assets | $205.4 | |
The Fund had 9.5 million common shares outstanding as of February 28, 2013. | ||
1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $78.2 million. | ||
2 The line of credit payable includes the C-Corporation's $17.9M outstanding line as of February 28, 2013. | ||
Past performance is no guarantee of future results.
Salient Midstream & MLP Fund is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its common shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and midstream companies. There can be no assurance that the Fund will achieve its investment objective.
This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained.
CONTACT:
Chris Moon
JCPR
[ cmoon@jcprinc.com ]
973-850-7304
Salient Capital Advisors, LLC
Investor Relations
[ mlpinfo@salientpartners.com ]
800-809-0525
SOURCE Salient Midstream & MLP Fund
