Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, NDP, TPZ
February 05 2019 - 5:57PM
Business Wire
TYG, NTG, TTP, NDP and TPZ declared the following distributions
today:
Fund Ticker
DistributionAmount
% Changefrom
PriorDistribution
% Changefrom
PriorYear
Tortoise Energy Infrastructure Corp. TYG $0.6550 - -
Tortoise Midstream Energy Fund, Inc. NTG $0.4225 - - Tortoise
Pipeline & Energy Fund, Inc. TTP $0.4075 - - Tortoise Energy
Independence Fund, Inc. NDP $0.4375 - - Tortoise Power and Energy
Infrastructure Fund, Inc. TPZ $0.1250 - -
“We are maintaining distribution levels as we continue to see
strong fundamentals, compelling valuations and some of our
anticipated 2019 key catalysts coming to fruition in the midstream
sector including greater structure clarity as simplification
transactions wind down, increased return of capital to shareholders
and improved fund flows into the sector,” said Brad Adams, CEO for
Tortoise’s closed-end funds.
The TYG, NTG, TTP and NDP quarterly distributions are payable on
Feb. 28, 2019 to stockholders of record on Feb. 21, 2019.
The TPZ monthly distributions are payable on March 29, 2019,
April 30, 2019 and May 31, 2019 to stockholders of record on the
respective dates of March 22, 2019, April 23, 2019 and May 24,
2019.
For book purposes, the source of distributions for TYG and NTG
are estimated to be 100% return of capital, and the source of
distributions for NDP is estimated to be approximately 65-75%
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.
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 the 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.
Energy Value Chain Conference Call
Tortoise will host a conference call on April 24, 2019 at 3 p.m.
Central to discuss the energy sector and provide an update on the
energy value chain and Tortoise’s investment outlook.
Toll Free Dial-In Number: (877) 407-9210Replay Number: (877)
481-4010Replay ID: #41353 (available through May 24, 2019)
About Tortoise
Tortoise invests in essential assets – those assets and services
that are indispensable to the economy and society. With a steady
wins approach and a long-term perspective, Tortoise strives to make
a positive impact on clients and communities. For additional
information, please visit 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.
Cautionary Statement Regarding Forward-Looking
Statements
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 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 funds and Tortoise Capital Advisors do not assume a duty to
update this forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190205006018/en/
TortoisePam Kearney, 866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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