Tortoise Pipeline & Energy Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of July 31, 2018
Aug. 01, 2018
LEAWOOD, Kan.--(BUSINESS WIRE)--Aug 1, 2018--Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of July 31, 2018, the company’s unaudited total assets were approximately $270.7 million and its unaudited net asset value was $198.7 million, or $19.84 per share.
As of July 31, 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 492 percent, and its coverage ratio for preferred shares was 381 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 unaudited balance sheet at July 31, 2018 and a summary of its top 10 holdings.
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) is a non-diversified, closed-end management investment company that seeks to obtain a high level of total return with an emphasis on current distributions. TTP invests primarily in equity securities of pipeline companies that transport natural gas, natural gas liquids (NGLs), crude oil and refined products and, to a lesser extent, in other energy infrastructure companies.
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 Pipeline & Energy Fund, Inc.
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.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180801006090/en/
Pam Kearney, 866-362-9331
Investor and Public Relations
KEYWORD: UNITED STATES NORTH AMERICA KANSAS
INDUSTRY KEYWORD: ENERGY OIL/GAS PROFESSIONAL SERVICES FINANCE
SOURCE: Tortoise Pipeline & Energy Fund, Inc.
Copyright Business Wire 2018.
PUB: 08/01/2018 06:23 PM/DISC: 08/01/2018 06:23 PM