Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

News Feed Item

Salient Midstream & MLP Fund Announces its Net Asset Value as of November 30, 2012 and Provides Fund Update

HOUSTON, Dec. 7, 2012 /PRNewswire/ -- Salient Midstream & MLP Fund (the "Fund") (NYSE: SMM) released today its net asset value (NAV) as of November 30, 2012 and provided an update on the Fund's current portfolio. 

As of November 30, 2012, the Fund's net assets were $183.4 million and the net asset value per share was $19.40. The Fund's net assets on October 31, 2012 were $191.3 million and the net asset value per share was $20.21. On November 30, 2012, the closing share price of the Fund was $19.54, which represents a 0.7% premium to the NAV. 

Since the IPO in May 2012, the Fund has paid out cash distributions totaling approximately $0.655 per share including $0.33 in December and $0.325 in in August. 

In November, the Fund announced its second cash distribution of $0.33 per share with a payment date on December 3, 2012. As of November 30, 2012, the advisor has invested the Fund in long-term investments as shown in the pie chart below:

(Photo: http://photos.prnewswire.com/prnh/20121207/NY25815)

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

 

Company

Sector

Shares

Amount

(in millions)

Percent of

Consolidated Gross Assets

Enterprise Products Partners, LP**

MLP

420,822

$22.5

8.5%

Kinder Morgan Management, LLC

MLP Affiliate

252,019

$18.7

7.0%

Plains All American Pipeline, LP*

MLP

185,000

$16.0

6.0%

Kinder Morgan, Inc.

Midstream Company

438,078

$15.7

5.9%

Williams Companies, Inc.

Midstream Company

409,000

$13.2

5.0%

Teekay Offshore Partners, LP

Marine Midstream

435,002

$12.1

4.6%

Enbridge Energy Management, LLC

MLP Affiliate

355,859

$11.1

4.2%

Energy Transfer Equity, LP*

MLP

247,000

$10.9

4.1%

Crosstex Energy, Inc.

Midstream Company

699,437

$8.7

3.3%

Targa Resources Corp.

Midstream Company

179,000

$8.1

3.1%






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

**A portion of the shares are held indirectly through the C-Corporation.


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


Salient Midstream & MLP Fund



Consolidated Balance Sheet



November 30, 2012



(Unaudited)







Assets

(in millions)



Investments1

$262.1



Cash and Cash Equivalents

1.8



Receivable for Investments Sold

1.4



Hedging and Other Assets

-0.2



Total Assets

265.1



Liabilities




Line of Credit Payable2

75.2



Derivatives – Short positions

0.0



Other Liabilities

3.0



Total Liabilities

81.7



Net Assets

$183.4






The Fund had 9.5 million common shares outstanding as of November 30, 2012.

1Investments include the gross underlying investments within the Salient Midstream & MLP Fund, Inc. (C-Corporation) of $68.9 million.

2 The line of credit payable includes the C-Corporation's $18.7M outstanding line as of November 30, 2012.

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.

CONTACT:

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

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

SOURCE Salient Midstream & MLP 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.

IoT & Smart Cities Stories
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide 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 ...
Chris Matthieu is the President & CEO of Computes, inc. He brings 30 years of experience in development and launches of disruptive technologies to create new market opportunities as well as enhance enterprise product portfolios with emerging technologies. His most recent venture was Octoblu, a cross-protocol Internet of Things (IoT) mesh network platform, acquired by Citrix. Prior to co-founding Octoblu, Chris was founder of Nodester, an open-source Node.JS PaaS which was acquired by AppFog and ...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...