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
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.