Tortoise Capital Advisors Announces Distribution Amounts and Dates for Closed-End Funds (TYG, NTG, TTP, NDP, TPZ)
February 09 2015 - 6:36PM
Business Wire
Tortoise Capital Advisors announces upcoming distribution
amounts and dates for its closed-end funds, reflecting distribution
growth for most funds. These distribution increases stem from
careful, ongoing evaluation of the distribution strategy for each
fund.
“For our MLP closed-end funds, TYG and NTG, our goal is to build
and maintain what we believe to be adequate distribution coverage,
supporting our emphasis on long-term distribution sustainability,”
said Brad Adams, managing director of Tortoise and CFO of the
closed-end funds. “We feel that TYG’s distribution coverage, built
over time and especially since the merger, has reached a level
where a distribution increase, in excess of the Q1 2015 guidance of
a half cent increase, is appropriate.” TYG and NTG distributions
for the remainder of the year will be guided primarily by the
change in distributable cash flow (DCF).
Tortoise’s more broadly focused closed-end funds, TTP, NDP and
TPZ are required to pay out all their capital gains each year as
regulated investment companies (RICs). “In particular, TTP and TPZ
paid capital gains in 2014 and we anticipate that will continue to
be the case,” said Mr. Adams. “We believe it’s a benefit to
stockholders to receive a portion of these gains throughout the
year, reducing the capital gains distribution paid at year-end. As
such, the distributions for TTP and TPZ reflect a portion of
anticipated 2015 gains.”
The amounts and dates are as follows:
Fund Ticker
DistributionAmount
% Changefrom
PriorDistribution
% Changefrom
PriorYear
Tortoise Energy Infrastructure Corp. TYG $0.64000 4.1 % 10.8
% Tortoise MLP Fund, Inc. NTG $0.42225 0.3 % 0.3 %
Tortoise Pipeline & Energy Fund, Inc. TTP $0.45000 10.4 % 10.4
% Tortoise Energy Independence Fund, Inc. NDP $0.43750 - -
The TYG, NTG, TTP and NDP distributions
are payable on Feb. 27, 2015 to stockholders of recordon Feb. 20,
2015. The ex-dividend date is Feb. 18, 2015.
Fund Ticker
MonthlyDistributionAmount
% Changefrom
PriorDistribution
% Changefrom
PriorYear
Tortoise Power and Energy Infrastructure Fund, Inc. TPZ
$0.13750 10.0 % 10.0 %
The TPZ monthly distributions are payable on March 31, 2015,
April 30, 2015 and May 29, 2015 to stockholders of record on the
respective dates of March 24, 2015, April 23, 2015 and May 22,
2015. The respective ex-dividend dates are March 20, 2015, April
21, 2015 and May 20, 2015.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100 percent return of capital, and the source of
distributions for NDP is estimated to be approximately 75 to 85
percent ordinary income, with the remainder as return of capital.
For tax purposes, the characterization will not be made until
determination of earnings and profits after year end.
A portion of TTP’s and TPZ’s distributions may include realized
capital gains. By distributing realized gains throughout the year
the long-term capital gain distributions necessary at year end may
be reduced. The distribution rate is independent of the Funds’
performance during any particular period but is expected to
correlate with the Funds’ performance over time. You should not
draw any conclusions about TTP’s or TPZ’s investment performance
from the amount of these distributions or from the terms of TTP’s
or TPZ’s distribution policy.
TTP and TPZ estimate that they have distributed more than their
income and net realized capital gains; therefore, a portion of the
distribution may be return of capital. A return of capital may
occur, for example, when some or all of the money that you invested
in TTP and TPZ is paid back to you. A return of capital
distribution does not necessarily reflect TTP’s and TPZ’s
investment performance and should not be confused with “yield” or
“income”.
TTP and TPZ will report the sources for their distributions at
the time of payment in the applicable Section 19(a) Notice. The
amounts and sources of distributions TTP and TPZ report are only
estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting
purposes will depend upon TTP’s and TPZ’s investment experience
during the remainder of their fiscal years and may be subject to
changes based on tax regulations. TTP and TPZ will each send you a
Form 1099-DIV for the calendar year that will tell you how to
report these distributions for federal income tax purposes.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager
specializing in listed energy investments. As of Jan. 31, 2015, the
adviser had approximately $16.9 billion of assets under management
in NYSE-listed closed-end investment companies, open-end funds and
other accounts. For more information, visit
www.tortoiseadvisors.com.
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 funds and Tortoise Capital Advisors believe that 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 funds’ 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 funds and Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
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.
Tortoise Capital Advisors, L.L.C.Pam Kearney,
866-362-9331Investor Relationspkearney@tortoiseadvisors.com
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