Salient Midstream & MLP Fund Announces Net Asset Value as of January 31, 2015 and Announces First Quarter 2015 Dividend of $0.366 per Share
HOUSTON, Feb. 6, 2015 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) announced today its net asset value (NAV). The Fund also announced that it has increased its dividend by 4.6% year-over-year for the first quarter ending February 28, 2015, which is the tenth consecutive quarter that the Fund has increased its quarterly dividend.
At the close of business on January 31, 2015, the Fund's net assets were $432.2 million and the NAV per share was $24.39. On January 31, 2015, the closing share price of the Fund was $21.56, which was trading at an 11.6% discount to the NAV.1
The Fund's first quarter dividend of $0.366 per share for the quarter ending February 28, 2015 will be payable on February 27, 2015 to common stockholders of record on February 19, 2015. It is anticipated that this dividend will be comprised of a combination of 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 2016 when the Fund can determine its earnings and profits for the 2015 fiscal year.
The Fund's quarterly distributions per share over the past year as of January 31, 2015 are shown below:2
AMOUNT |
QUARTERLY GROWTH RATE (%) |
PAYABLE DATE |
EX-DATE |
RECORD DATE |
$0.366 |
0.3% |
February 27, 2015 |
February 17, 2015 |
February 19, 2015 |
$0.365 |
2.2% |
November 28, 2014 |
November 19, 2014 |
November 21, 2014 |
$0.357 |
1.1% |
August 29, 2014 |
August 15, 2014 |
August 19, 2014 |
$0.353 |
0.9% |
May 30, 2014 |
May 19, 2014 |
May 21, 2014 |
$0.35 |
0.9% |
February 28, 2014 |
February 13, 2014 |
February 17, 2014 |
Past performance is no guarantee of future results. |
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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-midstream.html |
The Fund's investments allocation is shown in the pie chart below as of January 31, 2015.
For illustrative purposes only.
Source: Salient Capital Advisors, LLC, January 31, 2015.
The Fund's Top 10 consolidated holdings are shown below, as of January 31, 2015:3
Ticker |
Company Name |
Sector |
Percent of Consolidated Gross Assets |
|
EPD |
Enterprise Products Partners L.P.* |
MLP |
9.4% |
|
ETE |
Energy Transfer Equity, L.P.* |
MLP |
7.3% |
|
WMB |
The Williams Companies, Inc. |
Midstream Company |
6.6% |
|
KMI |
Kinder Morgan, Inc. |
Midstream Company |
6.4% |
|
MMP |
Magellan Midstream Partners, L.P.* |
MLP |
4.0% |
|
MIC |
Macquarie Infrastructure Company LLC |
Other |
3.8% |
|
EEQ |
Enbridge Energy Management, L.L.C. |
MLP Affiliate |
3.7% |
|
NGL |
NGL Energy Partners LP |
MLP |
3.4% |
|
PAGP |
Plains GP Holdings LP |
Midstream Company |
3.1% |
|
PAA |
Plains All American Pipeline, L.P.* |
MLP |
3.0% |
|
Total |
50.7% |
|||
For illustrative purposes only. |
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*Held indirectly through the wholly owned C-Corporation, Salient Midstream & MLP Fund, Inc. |
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Current and future holdings are subject to change and risk. |
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Source: Salient Capital Advisors, LLC, January 2015. |
The Fund's consolidated unaudited balance sheet as of January 31, 2015, is shown below:
Salient Midstream & MLP Fund |
||
Consolidated Balance Sheet |
||
January 31, 2015 |
||
(Unaudited) |
||
Assets |
(in millions) |
|
Investments1 |
$631.4 |
|
Cash and Cash Equivalents |
0.5 |
|
Other Assets |
3.1 |
|
Total Assets |
635.0 |
|
Liabilities |
||
Line of Credit Payable2 |
179.8 |
|
Deferred Tax Liability |
21.4 |
|
Other Liabilities |
1.6 |
|
Total Liabilities |
202.8 |
|
Net Assets |
$432.2 |
The Fund had 17.7 million common shares outstanding as of January 31, 2015.
1 Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc.'s (C-Corporation) of $175.1 million.
2 The line of credit payable includes the C-Corporation's $9.3M outstanding line as of January 31, 2015.
Past performance is no guarantee of future results.
Salient Midstream & MLP 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 its common shareholders. The Fund seeks to achieve that objective by investing at least 80% of its total assets in securities of MLPs and midstream 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.
About Salient Partners, L.P.
Salient Partners, L.P. ("Salient") is a $21.6 billion investment management firm based in Houston, Texas. The firm is a recognized innovator in the development, management and delivery of sophisticated, non-traditional investment solutions for both institutional and retail investors. Through its comprehensive investment approach, Salient identifies and develops leading strategies that help eliminate unrewarded risk, reduce investing costs and focus on the fundamental drivers of returns to deliver the full potential of all markets to investors. For more information about Salient and its professionals, visit www.salientpartners.com.
1 Past performance is not indicative of future results. Current performance may be higher or lower than the data shown. The data shown are unaudited. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
2 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.
3 Fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Data are based on total market value of Fund investments unless otherwise indicated. The data provided are for informational purposes only and are not intended for trading purposes.
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SOURCE Salient Midstream & MLP Fund
Related Links
http://www.salientpartners.com
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