Tortoise Energy Independence Fund, Inc. Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as of Aug....
September 01 2016 - 5:53PM
Business Wire
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today
announced that as of Aug. 31, 2016, the company’s unaudited total
assets were approximately $301.5 million and its unaudited net
asset value was $235.5 million, or $16.22 per share.
As of Aug. 31, 2016, the company was in compliance with its
asset coverage ratios under the Investment Company Act of 1940 (the
1940 Act). The company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was 468
percent. For more information on calculation of coverage ratios,
please refer to the company’s most recent applicable
prospectus.
Set forth below is a summary of the company’s preliminary
unaudited balance sheet at Aug. 31, 2016 and a summary of its top
10 holdings.
Unaudited balance sheet
(in Millions) Per Share
Investments $ 301.0 $ 20.73 Cash and Cash Equivalents 0.1 0.01
Other Assets
0.4 0.03 Total
Assets
301.5 20.77
Credit Facility Borrowings 64.0 4.41 Other
Liabilities
2.0 0.14 Net
Assets
$ 235.5 $
16.22
14.52 million common shares currently
outstanding.
Top 10 holdings (as of Aug. 31, 2016)
Name
Ticker
Market Value(in
Millions)
% ofInvestmentSecurities(1)
EOG Resources, Inc. EOG $ 32.1 10.7 % Pioneer Natural Resources
Company PXD 29.2 9.7 % EQT Corporation EQT 19.8 6.6 % Anadarko
Petroleum Corporation APC 14.4 4.8 % Concho Resources Inc. CXO 12.7
4.2 % Enbridge Energy Management, L.L.C. EEQ 11.4 3.8 % Devon
Energy Corporation DVN 11.2 3.7 % Cimarex Energy Co. XEC 10.0 3.3 %
RSP Permian, Inc. RSPP 9.6 3.2 % Newfield Exploration Company NFX
8.8 2.9 % Total
$ 159.2 52.9 %
(1) Percent of Investments and Cash
Equivalents.
About Tortoise Energy Independence Fund, Inc.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) is a
non-diversified, closed-end management investment company that
seeks to obtain a high level of total return with an emphasis on
current distributions. NDP invests primarily in North American
energy companies that engage in the exploration and production of
crude oil, condensate, natural gas and natural gas liquids.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in energy investments across the energy value chain.
As of July 31, 2016, the adviser had approximately $14.9 billion of
assets under management in listed closed-end funds, mutual funds,
private funds and separate accounts. For more information, visit
www.tortoiseadvisors.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
Forward-looking statement
This press release contains certain statements that may include
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical fact, included herein are "forward-looking statements."
Although the Fund and Tortoise Capital Advisors believe the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Fund's reports that are filed with
the Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required by law,
the Fund and Tortoise Capital Advisors do not assume a duty to
update any forward-looking statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20160901006561/en/
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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