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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

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