Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP,
NDP, TPZ and TEAF. Additionally, Tortoise would also like to
provide an update on TEAF’s direct investments. The fund’s private
deal summary list has been updated here and allocation to direct
investments stood at 44% as of April 30, 2020.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of April 30, 2020, the company’s unaudited total
assets were approximately $481.9 million and its unaudited net
asset value was $303.2 million, or $5.64 per share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 447 percent, and its coverage ratio for preferred
shares was 335 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share*
Investments
$
372.8
$
6.94
Cash and Cash Equivalents
55.2
1.03
Receivable for Investments Sold
6.9
0.13
Deferred Tax Asset
41.5
0.77
Other Assets
5.5
0.10
Total Assets
481.9
8.97
Senior Notes
96.8
1.80
Preferred Stock
32.3
0.60
Total Leverage
129.1
2.40
Payable for Investments Purchased
7.0
0.13
Other Liabilities
2.3
0.05
Current Tax Liability
40.3
0.75
Net Assets
$
303.2
$
5.64
*Per share information not adjusted for one for four reverse
stock split effective May 1, 2020.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of April 30, 2020, the company’s unaudited total
assets were approximately $224.8 million and its unaudited net
asset value was $146.4 million, or $2.32 per share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 517 percent, and its coverage ratio for preferred
shares was 388 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share*
Investments
$
208.5
$
3.30
Cash and Cash Equivalents
12.8
0.20
Receivable for Investments Sold
0.4
0.01
Other Assets
3.1
0.05
Total Assets
224.8
3.56
Senior Notes
38.2
0.60
Preferred Stock
12.7
0.20
Total Leverage
50.9
0.80
Payable for Investments Purchased
0.4
0.01
Other Liabilities
0.7
0.01
Current Tax Liability
26.4
0.42
Net Assets
$
146.4
$
2.32
*Per share information not adjusted for one for ten reverse
stock split effective May 1, 2020.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of April 30, 2020, the company’s unaudited
total assets were approximately $72.7 million and its unaudited net
asset value was $47.8 million, or $4.77 per share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 393 percent, and its coverage ratio for preferred
shares was 295 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share*
Investments
$
63.6
$
6.35
Cash and Cash Equivalents
8.5
0.85
Other Assets
0.6
0.06
Total Assets
72.7
7.26
Senior Notes
18.4
1.84
Preferred Stock
6.1
0.61
Total Leverage
24.5
2.45
Other Liabilities
0.4
0.04
Net Assets
$
47.8
$
4.77
*Per share information not adjusted for one for four reverse
stock split effective May 1, 2020.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of April 30, 2020, the company’s
unaudited total assets were approximately $33.6 million and its
unaudited net asset value was $29.3 million, or $1.98 per
share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 815 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share*
Investments
$
33.4
$
2.25
Cash and Cash Equivalents
0.1
0.01
Other Assets
0.1
0.01
Total Assets
33.6
2.27
Credit Facility Borrowings
4.1
0.28
Other Liabilities
0.2
0.01
Net Assets
$
29.3
$
1.98
*Per share information not adjusted for one for eight reverse
stock split effective May 1, 2020.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of April 30, 2020, the company’s
unaudited total assets were approximately $102.7 million and its
unaudited net asset value was $77.5 million, or $11.14 per
share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 411 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
101.0
$
14.53
Cash and Cash Equivalents
0.2
0.03
Other Assets
1.5
0.22
Total Assets
102.7
14.78
Credit Facility Borrowings
24.9
3.58
Other Liabilities
0.3
0.06
Net Assets
$
77.5
$
11.14
6.95 million common shares currently outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
today announced that as of April 30, 2020, the company’s unaudited
total assets were approximately $221.1 million and its unaudited
net asset value was $188.1 million, or $13.95 per share.
As of April 30, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 709 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseadvisors.com.
Set forth below is a summary of the company’s unaudited balance
sheet at April 30, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
216.3
$
16.04
Cash and Cash Equivalents
1.0
0.08
Receivable for Investments Sold
0.5
0.03
Other Assets
3.3
0.24
Total Assets
221.1
16.39
Credit Facility Borrowings
30.9
2.29
Payable for Investments Purchased
1.5
0.11
Other Liabilities
0.6
0.04
Net Assets
$
188.1
$
13.95
13.49 million common shares outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of
the most recent month-end can be found on each fund’s portfolio web
page at https://cef.tortoiseadvisors.com.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a
portfolio of master limited partnership investments in the energy
infrastructure sector. Tortoise Energy Infrastructure Corp.’s
objective is to provide its stockholders a high level of total
return with an emphasis on current distributions.
About Tortoise Midstream Energy Fund, Inc.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a
portfolio of midstream energy entities that own and operate a
network of pipeline and energy-related logistical infrastructure
assets with an emphasis on those that transport, gather, process
and store natural gas and natural gas liquids (NGLs). Tortoise
Midstream Energy Fund, Inc.’s objective is to provide its
stockholders a high level of total return with an emphasis on
current distributions.
About Tortoise Pipeline & Energy Fund, Inc.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) 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. TTP invests primarily in equity securities
of pipeline companies that transport natural gas, natural gas
liquids (NGLs), crude oil and refined products and, to a lesser
extent, in other energy infrastructure companies.
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 Power and Energy Infrastructure Fund,
Inc.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
invests in a portfolio of fixed income and equity securities issued
by power and energy infrastructure companies. TPZ’s objective is to
provide stockholders a high level of current income, with a
secondary objective of capital appreciation.
About Tortoise Essential Assets Income Term Fund
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) is a
non-diversified, closed-end management investment company that
seeks to provide a high level of total return with an emphasis on
current distributions. TEAF provides investors access to a
combination of public and direct investments in essential assets
that are making an impact on clients and communities.
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
Tortoise Capital Advisors, L.L.C. is the Adviser to Tortoise
Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc.,
Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy
Independence Fund, Inc., Tortoise Power and Energy Infrastructure
Fund, Inc. and Tortoise Essential Assets Income Term Fund. Tortoise
Advisors UK Limited is a subadvisor to Tortoise Essential Assets
Income Term Fund.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200501005546/en/
Maggie Zastrow (913) 981-1020 info@tortoiseadvisors.com
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