Welcome!

News Feed Item

Salient MLP & Energy Infrastructure Fund Announces Net Asset Value as of January 31, 2014 and Announces First Quarter 2014 Dividend of $0.467 per Share

HOUSTON, Feb. 6, 2014 /PRNewswire/ -- Salient MLP & Energy Infrastructure Fund (the "Fund") (NYSE: SMF) announced today its net asset value (NAV) as of January 31, 2014. The Fund also announced that it had increased its dividend by 2.6% year-over-year for the first quarter ended February 28, 2014, which is the tenth consecutive quarter that the Fund has increased its quarterly dividend.

(Logo:  http://photos.prnewswire.com/prnh/20120917/NY75507LOGO  )

As of January 31, 2014, the Fund's net assets were $218.2 million and the NAV per share was $30.39. On January 31, 2014, the closing share price of the Fund was $28.48, which was trading at a 6.3% discount to the NAV.

The Fund increased its quarterly dividend to $0.467 per share for the quarter ending February 28, 2014, which represents a 2.6% year-over-year increase over the $0.455 paid in February 2013. The increased dividend will be payable on February 28, 2014 to common stockholders of record on February 17, 2014. It is anticipated that this dividend will be comprised of both return of capital and ordinary income for tax purposes. The final tax status of the dividend may differ substantially from this preliminary information, and the final determination of such amount will be made in early 2015 when the Fund can determine its earnings and profits for the 2014 fiscal year.

The Fund's quarterly distributions per share over the past year as of January 31, 2014 are listed below:1

AMOUNT

QUARTERLY

GROWTH RATE (%)

PAYABLE DATE

EX-DATE

RECORD DATE

$0.467

0.2%

February 28, 2014

February 13, 2014

February 17, 2014

$0.466

0.2%

November 29, 2013

November 15, 2013

November 19, 2013

$0.465

1.1%

August 29, 2013

August 15, 2013

August 19, 2013

$0.46

1.1%

May 29, 2013

May 17, 2013

May 21, 2013

$0.455

1.8%

February 28, 2013

February 15, 2013

February 19, 2013


Past performance is no guarantee of future results.

The Fund distributions are comprised of distributable cash flow generated from its portfolio investments plus any realized capital gains. The tax characteristics of the historical distributions can be found on http://www.salientpartners.com/funds/mlp-infrastructure.html

1 The amount of distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change. A portion of the Fund's returns may be comprised of ordinary income, return of capital and net realized capital gains. The Fund will determine the tax characteristics of all fund distributions after the end of the calendar year and will provide shareholders such information at that time.

The Fund was invested as shown in the pie chart below as of January 31, 2014.

(Photo:  http://photos.prnewswire.com/prnh/20140206/NY60396 )

Also as of January 31, 2014, the Fund's 10 largest consolidated holdings were:

 

Company

Sector

Shares

Amount

(in millions)

Percent of

Consolidated

Gross Assets

Enterprise Products Partners, LP*

MLP

394,088

$26.2

7.9%

Kinder Morgan Management, LLC

MLP Affiliate

266,510

$20.1

6.1%

Enbridge Energy Management, LLC

MLP Affiliate

696,591

$19.7

5.9%

Energy Transfer Equity, LP*

MLP

375,302

$15.7

4.7%

Linn Co, LLC

MLP Affiliate

485,430

$15.6

4.7%

Plains All American Pipeline, LP*

MLP

309,020

$15.6

4.7%

Magellan Midstream Partners, LP*

MLP

193,600

$12.9

3.9%

Targa Resources Corp.

MLP Affiliate

134,364

$12.1

3.7%

Plains GP Holdings, LP

MLP Affiliate

476,172

$12.1

3.7%

NGL Energy Partners, LP

MLP

305,000

$10.6

3.2%






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

 

The Fund's consolidated unaudited balance sheet as of January 31, 2014, is shown below:


Salient MLP & Energy Infrastructure Fund


Consolidated Balance Sheet


January 31, 2014


(Unaudited)





Assets

(in millions)


Investments1

$326.6


Cash and Cash Equivalents

2.0


Receivable for Investments Sold

0.9


Hedging and Other Assets

1.9


Total Assets

331.4





Liabilities



Line of Credit Payable2

99.7


Other Liabilities

13.5


Total Liabilities

113.2


Net Assets

$218.2




The Fund had 7.18 million common shares outstanding as of January 31, 2014.




1Investments include the gross underlying investments within the Salient MLP & Energy

Infrastructure Fund, Inc.'s (C-Corporation) of $88.7 million.

2The line of credit payable includes the C-Corporation's $7.4M outstanding line as of January 31, 2014.

 

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.

CONTACT:

Chris Moon
JCPR
[email protected]
973-850-7304

Salient Capital Advisors, LLC
Investor Relations
[email protected]
800-809-0525

 

SOURCE Salient MLP & Energy Infrastructure Fund

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., discussed how these tools can be leveraged to develop a lasting competitive advantage ...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
Connecting to major cloud service providers is becoming central to doing business. But your cloud provider’s performance is only as good as your connectivity solution. Massive Networks will place you in the driver's seat by exposing how you can extend your LAN from any location to include any cloud platform through an advanced high-performance connection that is secure and dedicated to your business-critical data. In his session at 21st Cloud Expo, Paul Mako, CEO & CIO of Massive Networks, wil...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
SYS-CON Events announced today that CAST Software will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CAST was founded more than 25 years ago to make the invisible visible. Built around the idea that even the best analytics on the market still leave blind spots for technical teams looking to deliver better software and prevent outages, CAST provides the software intelligence that matter ...