Jul 4, 2017   SOURCE: BusinessWire

Tortoise MLP Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of June 30, 2017

Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of June 30, 2017, the company’s unaudited total assets were approximately $1.5 billion and its unaudited net asset value was $877.2 million, or $18.60 per share.

As of June 30, 2017, 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 394 percent, and its coverage ratio for preferred shares was 297 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 June 30, 2017 and a summary of its top 10 holdings.

Unaudited balance sheet

  (in Millions)   Per Share
Investments $1,494.3 $ 31.68
Cash and Cash Equivalents 0.1 0.00
Current Tax Asset 1.0 0.02
Other Assets 1.7 0.04
Total Assets 1,497.1 31.74
 
Credit Facility Borrowings 51.3 1.09
Senior Notes 284.0 6.02
Preferred Stock 110.0 2.33
Total Leverage 445.3 9.44
 
Other Liabilities 5.7 0.12
Deferred Tax Liability 168.9 3.58
Net Assets $877.2 $ 18.60

47.16 million common shares currently outstanding.

Top 10 holdings (as of June 30, 2017)

Name

 

 

Ticker

 

Market Value
(in Millions)

 

% of Investment
Securities(1)

Energy Transfer Partners, L.P. ETP $144.1 9.6%
Enterprise Products Partners L.P. EPD 121.9 8.2%
Plains All American Pipeline, L.P. PAA 105.7 7.1%
Buckeye Partners, L.P. BPL 98.7 6.6%
Western Gas Partners, LP WES 93.5 6.3%
ONEOK Partners, L.P. OKS 87.0 5.8%
Tesoro Logistics, L.P. TLLP 75.0 5.0%
Williams Partners L.P. WPZ 73.4 4.9%
EQT Midstream Partners, LP EQM 68.0 4.6%
Magellan Midstream Partners, L.P. MMP 62.0 4.1%
Total $929.3 62.2%
(1) Percent of Investments and Cash Equivalents.
 

3rd Quarter Conference Call

Tortoise will host its third quarter conference call on July 26, 2017 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: 10194 (available through Aug. 26, 2017)

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund, Inc. (NYSE:NTG) owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP Fund, Inc.’s objective is 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 actively managed essential assets investing including the energy value chain. As of May 31, 2017, the adviser had approximately $16.0 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate 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 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 any forward-looking statement.