SOURCE: The TCW Group, Inc.

The TCW Group, Inc.

August 27, 2010 09:30 ET

TCW Energy Partners Reports Second Quarter Results, Declares Distribution and Announces $40 Million Working Capital Facility With Union Bank, N.A.

WASHINGTON, DC--(Marketwire - August 27, 2010) -  TCW Energy Partners, LLC (TEP), a company focused on the global energy and infrastructure business, announced its operating results and quarterly earnings for the period from April 1, 2010 to June 30, 2010 and for the period from January 1, 2010 to June 30, 2010. TEP also announced that it has extended its original $15 million working capital facility with Union Bank, N.A. The extended facility consists of a secured $40 million revolving line of credit through August 25, 2013. This facility further enhances TEP's liquidity and allows for TEP to better manage its working capital requirements, including financing timing differences between contributing capital and receiving distributions from its investments.

At June 30, 2010, TEP had total net assets of $225.2 million, or $19.10 per common unit, an increase of $0.78 per common unit from its post distribution net asset value at December 31, 2009, and a $2.57 increase from its net asset value at December 19, 2007 (inception), if adjusted for the $3.10 per common unit of distributions paid since inception.

TEP generated net investment income of $3.3 million, or 27.5 cents per common unit for the second quarter and $7.5 million, or 63.2 cents per common unit for the year-to-date period ending June 30, 2010. TEP also incurred minimal realized losses (after tax) for the year to date period of $0.1 million, or 0.9 cents per common unit. TEP incurred unrealized losses of $1.1 million or 8.8 cents per common unit for the second quarter while it generated unrealized gains for the year-to-date period of $1.8 million, or 16.0 cents per common unit. TEP reported a net profit of $2.2 million, or 18.7 cents per common unit for the second quarter and a net profit of $9.2 million, or 78.3 cents per common unit for the period from January 1, 2010 to June 30, 2010.

The Board of Directors of TEP has declared a distribution of $0.45 per common unit or 2.25% of equity capital for the second quarter of 2010. The distribution is payable on September 3, 2010, to unitholders of record on the close of business on August 27, 2010.

TEP's most recently issued financial statements are available to qualified investors at www.rule144a.com.

R. Blair Thomas, Chairman and Chief Executive of TEP, said: "We are pleased to announce that TEP has delivered another quarter of solid operating results. TEP continues to expand its investing platform with a new $50 million commitment to Energy Fund XV, the Group's new flagship fund. We are also pleased to announce that TEP has closed on an expanded working capital facility. The facility further improves TEP's ability to execute its business plan. Additionally, TEP has approved a quarterly distribution of $0.45 per common unit for the quarter ending June 30, 2010. This brings our distributions since inception to $3.55 and continues our uninterrupted history of quarterly distributions."

About TEP

TEP seeks to provide investors current income, as well as long-term capital appreciation, by participating in multiple funds and direct investments managed by The TCW Group, Inc.'s market-leading franchise in energy and infrastructure. TEP is listed on GSTrUE, an electronic platform for private placements managed by Goldman Sachs.

About TCW

Founded in 1971, The TCW Group, Inc. (TCW) develops and manages a broad range of innovative, value-added investment products that strive to enhance and protect clients' wealth. The firm has approximately $110 billion in assets under management. TCW clients include many of the largest corporate and public pension plans, financial institutions, endowments and foundations in the U.S., as well as a substantial number of foreign investors and high net worth individuals. TCW is a subsidiary of Société Générale. For more information, please refer to www.tcw.com.

TCW's Energy & Infrastructure Group has a 28-year track record investing in the energy sector with almost $11 billion of capital invested and more than 250 portfolio investments in 33 countries. The Group has 38 investment professionals operating from offices in Houston, New York, Washington D.C., London and Sydney and invests across the capital structure of energy and energy-related infrastructure projects and companies on a global basis. TEP is a permanent capital vehicle formed in 2007 to expand the universe of investors that have access to private alternative investments managed by TCW's Energy & Infrastructure Group.

DISCLAIMER

This release may contain forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from those contemplated by these forward-looking statements due to a number of factors, including general economic conditions, market conditions and risks associated with companies and industries of the type that TEP invests in.

Contact Information

  • Contact:

    Erin K. Freeman
    Managing Director, Corporate Communications
    The TCW Group, Inc.
    (213) 244-0464
    Email Contact