Dec 3, 2012 - LEAWOOD, Kan.--(BUSINESS WIRE)--
Tortoise North American Energy Corp. (NYSE: TYN) today announced that as
of Nov. 30, 2012, the company's unaudited total assets were
approximately $226.0 million and its unaudited net asset value was
$160.7 million or $25.51 per share.
As of Nov. 30, 2012, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
The company's asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 562 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
Nov. 30, 2012, and a summary of its top 10 holdings.
Unaudited Balance Sheet
|
|
|
(in Millions)
|
|
Per Share
|
|
Investments
|
|
$ 225.8
|
|
$35.84
|
|
Cash and Cash Equivalents
|
|
0.1
|
|
0.01
|
|
Other Assets
|
|
0.1
|
|
0.01
|
|
Total Assets
|
|
226.0
|
|
35.86
|
|
|
|
|
|
|
|
Short-Term Borrowings
|
|
34.8
|
|
5.52
|
|
|
|
|
|
|
|
Distribution payable to common stockholders
|
|
0.1
|
|
0.02
|
|
Other Liabilities
|
|
2.0
|
|
0.30
|
|
Deferred Tax Liability
|
|
28.4
|
|
4.51
|
|
Net Assets
|
|
$ 160.7
|
|
$25.51
|
6.30 million common shares currently outstanding.
Top 10 Holdings (as of Nov. 30, 2012)
|
Name
|
|
Market
Value
(in millions)
|
|
% of
Investment
Securities(1)
|
|
Enterprise Products Partners L.P.
|
|
$ 15.6
|
|
6.9%
|
|
El Paso Pipeline Partners, L.P.
|
|
14.4
|
|
6.4%
|
|
Magellan Midstream Partners, L.P.
|
|
13.4
|
|
5.9%
|
|
Plains All American Pipeline, L.P.
|
|
12.7
|
|
5.6%
|
|
Kinder Morgan Management, LLC
|
|
11.9
|
|
5.3%
|
|
Williams Partners L.P.
|
|
11.0
|
|
4.9%
|
|
Linn Energy, LLC
|
|
10.2
|
|
4.5%
|
|
ONEOK Partners, L.P.
|
|
8.9
|
|
3.9%
|
|
Regency Energy Partners LP
|
|
8.8
|
|
3.9%
|
|
Enbridge Energy Partners, L.P.
|
|
8.2
|
|
3.6%
|
|
Total
|
|
$ 115.1
|
|
50.9%
|
(1) Percent of Investments and Cash Equivalents.
Year End Conference Call
The company will host a conference call on Dec. 13, 2012 at 4:30 p.m.
EST, to discuss current U.S. energy industry market conditions and TYN's
2012 year-end performance results. Participants can access the
conference call by dialing (877) 407-8035. The call will also be webcast
in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.
A replay of the call will be available after the call continuing until
Dec. 13, 2013, by dialing (877) 660-6853. The replay account number is
286 and the conference id is 400245. A replay of the webcast will also
be available on the company's website at www.tortoiseadvisors.com
through Dec. 13, 2013.
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, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing
in listed energy infrastructure investments. As of Oct. 31, 2012, the
adviser had approximately $9.2 billion of assets under management in
NYSE-listed closed-end investment companies, an open-end fund and other
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 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, L.L.C.
Pam Kearney, 866-362-9331
Investor
Relations
pkearney@tortoiseadvisors.com
Source: Tortoise North American Energy Corp.
