(Source: Business Wire)
Tortoise Energy Capital Corp. (NYSE: TYY) today announced that as of
Sept. 30, 2009, the company's unaudited total assets were approximately
$521.2 million and its unaudited net asset value was $332.0 million, or
$18.71 per share.
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 490 percent, and its coverage ratio for preferred
shares was 299 percent. For more information on calculation of coverage
ratios, please refer to our most recent applicable prospectus.
The company issued 147,538 shares of common stock under its
at-the-market equity offering program for gross proceeds of
approximately $3.0 million during the month of Sept. 2009.
Set forth below is a summary of the company's unaudited balance sheet at
Sept. 30, 2009, and a summary of its top 10 holdings.
Unaudited Balance Sheet
(in Millions) Per Share
Investments $ 519.4 $ 29.27
Cash and Cash Equivalents 0.7 0.04
Receivable for Investments Sold 0.4 0.03
Other Assets 0.7 0.04
Total Assets 521.2 29.38
Short-Term Borrowings 11.9 0.67
Senior Notes 90.0 5.07
Preferred Stock 65.0 3.67
Total Leverage 166.9 9.41
Payable for Investments Purchased 0.8 0.05
Other Liabilities 4.1 0.23
Deferred Tax Liability 17.4 0.98
Net Assets $ 332.0 $ 18.71
17.74 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 $ 44.9 8.6 %
Enbridge Energy Partners, L.P.
