(Source: Business Wire)
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of August 31, 2009, the company's unaudited total assets were approximately $501.6 million and its unaudited net asset value was $316.8 million, or $18.01 per share.
As of August 31, 2009, 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 295 percent. (For more information on calculation of coverage ratios, please refer to our most recent applicable prospectus.)
The company has issued 62,758 shares of common stock under its at-the-market equity offering program for gross proceeds of approximately $1.3 million since the commencement of the offering in August 2009.
Set forth below is a summary of the company's unaudited balance sheet at August 31, 2009, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) $ Per Share Investments $497.9 $28.30 Cash and Cash Equivalents 0.3 0.02 Receivable for Investments Sold 2.6 0.15 Other Assets 0.8 0.04 Total Assets 501.6 28.51 Short-Term Borrowings 7.3 0.41 Senior Notes 90.0 5.12 Preferred Stock 65.0 3.69 Total Leverage 162.3 9.22 Distributions to Common Stockholders 7.0 0.40 Payable for Investments Purchased 1.2 0.07 Other Liabilities 4.1 0.23 Deferred Tax Liability 10.2 0.58 Net Assets $316.8 $18.01 -------------------------------------------------------------------------------
17.60 million common shares currently outstanding.
Top 10 Holdings (as of August 31, 2009)
Name Market Value (in Millions) % ofInvestmentSecurities(1) Kinder Morgan Management, LLC $ 44.8 9.0% Enbridge Energy Partners, L.P.
