2014

Salient MLP & Energy Infrastructure Fund Announces Net Asset Value as of March 30, 2012, and Provides Fund Update

HOUSTON, April 4, 2012 /PRNewswire/ -- Salient MLP & Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today its net asset value (NAV) as of March 30, 2012, and provided an update on the Fund's current portfolio composition.

As of March 30, 2012, the Fund's net assets were $154.9 million and the NAV per share was $25.24, compared with December 31, 2011, when the net assets were $156.2 million and the NAV per share was $25.46.  The Fund paid a $0.42 dividend in February resulting in a total return of 0.79% for the first quarter.

On March 30, 2012, the closing share price of the Fund was $25.55, which was trading at a 1.2% premium to the NAV.

The Fund made its first private investment in March by investing $3 million in a water tank infrastructure company which supports the oil and gas industry.  This investment is designed to provide a potentially competitive annual yield and cash flow.

The Fund is a non-diversified, closed-end fund that seeks to provide a high level of total return with an emphasis on making quarterly cash distributions to shareholders. 

Also as of March 30, 2012, the Fund's 10 largest consolidated holdings were:

 

Company

Sector

Shares

Amount

(in millions)

Percent of

Consolidated
Gross Assets

Kinder Morgan Management, LLC

MLP Affiliate

243,773

$18.2

8.3%

Enbridge Energy Management, LLC

MLP Affiliate

498,355

$15.9

7.3%

Enterprise Products Partners, LP*

MLP

285,330

$14.4

6.6%

Teekay Offshore Partners, LP

Marine Midstream

372,613

$10.8

4.9%

Energy Transfer Equity, LP*

MLP

257,031

$10.4

4.7%

Kinder Morgan, Inc.

MLP Affiliate

263,750

$10.2

4.7%

Plains All American Pipeline, LP*

MLP

124,990

$9.8

4.5%

Williams Companies, Inc.

MLP Affiliate

290,000

$8.9

4.1%

EL Paso Pipeline Partners, LP*

MLP

228,500

$8.0

3.6%

MarkWest Energy Partners, LP

MLP

115,260

$6.7

3.1%






*Held indirectly through the wholly owned C-Corporation, Salient MLP & Energy Infrastructure Fund, Inc.

The Fund's consolidated unaudited balance sheet as of March 30, 2012, is shown below:

Salient MLP & Energy Infrastructure Fund

Consolidated Balance Sheet

March 30, 2012

(Unaudited)


Assets

(in millions)

Investments(1)

$205.4

Cash and Cash Equivalents

2.1

Hedging and Other Assets

11.3

Total Assets

218.8

Liabilities


Line of Credit Payable(2)

60.3

Derivatives – Short positions

0.7

Other Liabilities

2.9

Total Liabilities

63.9

Net Assets

$154.9



The Fund had 6.1 million common shares outstanding as of March 30, 2012.


(1) Investments include the gross underlying investments within the Salient MLP & Energy Infrastructure Fund, Inc.'s (C-Corporation) of $51.6 million.

(2) The line of credit payable includes the C-Corporation's $19.5M outstanding line as of March 30, 2012.

Past performance is no guarantee of future results.

Salient MLP & Energy Infrastructure Fund is a Delaware statutory trust registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and energy infrastructure companies. There can be no assurance that the Fund will achieve its investment objective.

This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund's present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund's investment objective will be attained.

 

SOURCE Salient Partners L.P.



More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.