(Source: Business Wire)
Tortoise North American Energy Corp. (NYSE: TYN) today announced that as
of Sept. 30, 2009, the company's unaudited total assets were
approximately $139.2 million and its unaudited net asset value was
$117.8 million or $18.80 per share. The unaudited balance sheet reflects
a deferred tax asset of $6.2 million or $0.99 per share. The deferred
tax asset recognizes the net benefit the company believes should be
reflected under generally accepted accounting principles.
As of Sept. 30, 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 679 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
and top 10 holdings which reflects the combined assets and liabilities
of Tortoise Gas and Oil Corp. (TGO) and TYN following the Sept. 14, 2009
reorganization of TGO into TYN.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $ 131.7 $ 21.03
Cash and Cash Equivalents 0.3 0.05
Receivable for Investments Sold 0.2 0.03
Deferred Tax Asset 6.2 0.99
Other Assets 0.8 0.12
Total Assets 139.2 22.22
Short-Term Borrowings 5.4 0.85
Senior Notes 15.0 2.40
Total Leverage 20.4 3.25
Payable for Investments Purchased 0.4 0.06
Other Liabilities 0.6 0.11
Net Assets $ 117.8 $ 18.80
6.26 million common shares currently outstanding.
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Top 10 Holdings (as of Sept. 30, 2009)
Name MarketValue(in millions) % ofInvestmentSecurities(1)
Kinder Morgan Management, LLC $ 10.5 8.0 %
Enbridge Energy Management, L.L.C.
