Published: April 01, 2011
Tortoise North American Energy Corp. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of March 31, 2011
LEAWOOD, Kan. - (BUSINESS WIRE) - Tortoise North American Energy Corp. (NYSE: TYN) today announced that as
of March 31, 2011, the company's unaudited total assets were
approximately $211.1 million and its unaudited net asset value was
$164.1 million or $26.06 per share.
As of March 31, 2011, 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 731 percent. For more information on calculation of
coverage ratios, please refer to our most recent applicable prospectus.
Set forth below is a summary of the company's unaudited balance sheet at
March 31, 2011, and a summary of its top 10 holdings.
Unaudited Balance Sheet
|
|
(in Millions)
|
|
|
|
Per Share
|
|
Investments
|
$ 209.3
|
|
|
|
$33.24
|
|
Cash and Cash Equivalents
|
0.1
|
|
|
|
0.01
|
|
Receivable for Investments Sold
|
1.5
|
|
|
|
0.24
|
|
Other Assets
|
0.2
|
|
|
|
0.04
|
|
Total Assets
|
211.1
|
|
|
|
33.53
|
|
|
|
|
|
|
|
|
Short-Term Borrowings
|
11.0
|
|
|
|
1.75
|
|
Senior Notes
|
15.0
|
|
|
|
2.38
|
|
Total Leverage
|
26.0
|
|
|
|
4.13
|
|
|
|
|
|
|
|
|
Other Liabilities
|
0.7
|
|
|
|
0.12
|
|
Deferred Tax Liability
|
20.3
|
|
|
|
3.22
|
|
Net Assets
|
$ 164.1
|
|
|
|
$26.06
|
6.30 million common shares currently outstanding.
Top 10 Holdings (as of March 31, 2011)
|
Name
|
|
Market
Value
(in millions)
|
|
|
|
% of
Investment
Securities(1)
|
|
Enbridge Energy Management, L.L.C. /
Enbridge Energy Partners, L.P.
|
|
$ 17.0
|
|
|
|
8.1%
|
|
Kinder Morgan Management, LLC
|
|
15.2
|
|
|
|
7.2%
|
|
Enterprise Products Partners L.P.
|
|
12.8
|
|
|
|
6.1%
|
|
Energy Transfer Partners, L.P.
|
|
10.6
|
|
|
|
5.1%
|
|
Linn Energy, LLC
|
|
10.5
|
|
|
|
5.0%
|
|
EV Energy Partners, L.P.
|
|
10.5
|
|
|
|
5.0%
|
|
Magellan Midstream Partners, L.P.
|
|
8.5
|
|
|
|
4.1%
|
|
Copano Energy, L.L.C.
|
|
7.5
|
|
|
|
3.6%
|
|
Inergy, L.P.
|
|
7.4
|
|
|
|
3.6%
|
|
Buckeye Partners, L.P.
|
|
7.4
|
|
|
|
3.5%
|
|
Total
|
|
$ 107.4
|
|
|
|
51.3%
|
(1) Percent of Investments and Cash Equivalents.
About Tortoise North American Energy Corp.
Tortoise North American Energy Corp. is a publicly-traded closed-end
fund focused primarily on investing in securities of MLPs, including
energy infrastructure, oil and gas exploitation and production, and
energy shipping companies. Tortoise North American Energy Corp.'s goal
is to provide its stockholders with 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 investments, such as pipeline and power companies. As of
March 31, 2011, the adviser had approximately $6.6 billion of assets
under management in six 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
"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.
Tortoise Capital Advisors, LLC
Pam Kearney, 866-362-9331
Investor
Relations
pkearney@tortoiseadvisors.com
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