Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP,
NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of July 31, 2020, the company’s unaudited total
assets were approximately $465.3 million and its unaudited net
asset value was $294.9 million, or $22.27 per share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 453 percent, and its coverage ratio for preferred
shares was 336 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
361.6
$
27.31
Cash and Cash Equivalents
44.9
3.39
Current Tax Asset
52.1
3.93
Other Assets
6.7
0.51
Total Assets
465.3
35.14
Senior Notes
92.8
7.01
Preferred Stock
32.3
2.44
Total Leverage
125.1
9.45
Payable for Investments Purchased
0.1
0.01
Other Liabilities
1.8
0.14
Current Tax Liability
43.4
3.27
Net Assets
$
294.9
$
22.27
13.24 million common shares currently
outstanding.
During the month, TYG paid $1,531,716 to repurchase 93,283
shares of its common stock at an average price of $16.405 and an
average discount to NAV of 25.3%.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of July 31, 2020, the company’s unaudited total
assets were approximately $220.9 million and its unaudited net
asset value was $142.8 million, or $22.72 per share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 507 percent, and its coverage ratio for preferred
shares was 381 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
200.4
$
31.87
Cash and Cash Equivalents
15.5
2.46
Receivable for Investments Sold
1.4
0.23
Other Assets
3.6
0.57
Total Assets
220.9
35.13
Senior Notes
38.2
6.08
Preferred Stock
12.7
2.02
Total Leverage
50.9
8.10
Other Liabilities
0.9
0.13
Current Tax Liability
26.3
4.18
Net Assets
$
142.8
$
22.72
6.29 million common shares currently
outstanding.
During the month, NTG paid $588,040 to repurchase 34,530 shares
of its common stock at an average price of $17.015 and an average
discount to NAV of 24.3%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of July 31, 2020, the company’s unaudited
total assets were approximately $71.3 million and its unaudited net
asset value was $46.4 million, or $18.63 per share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 385 percent, and its coverage ratio for preferred
shares was 290 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
62.00
$
24.84
Cash and Cash Equivalents
8.5
3.42
Other Assets
0.8
0.33
Total Assets
71.3
28.59
Senior Notes
18.4
7.38
Preferred Stock
6.1
2.45
Total Leverage
24.5
9.83
Other Liabilities
0.4
0.13
Net Assets
$
46.4
$
18.63
2.49 million common shares currently
outstanding.
During the month, TTP paid $158,555 to repurchase 11,264 shares
of its common stock at an average price of $14.076 and an average
discount to NAV of 23.7%.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of July 31, 2020, the company’s
unaudited total assets were approximately $32.9 million and its
unaudited net asset value was $28.6 million, or $15.51 per
share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 798 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
32.4
$
17.57
Cash and Cash Equivalents
0.3
0.17
Other Assets
0.2
0.09
Total Assets
32.9
17.83
Credit Facility Borrowings
4.1
2.22
Other Liabilities
0.2
0.10
Net Assets
$
28.6
$
15.51
1.85 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of July 31, 2020, the company’s
unaudited total assets were approximately $108.2 million and its
unaudited net asset value was $83.8 million, or $12.06 per
share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 449 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
106.6
$
15.34
Cash and Cash Equivalents
0.3
0.04
Other Assets
1.3
0.18
Total Assets
108.2
15.56
Credit Facility Borrowings
24.0
3.45
Other Liabilities
0.4
0.05
Net Assets
$
83.8
$
12.06
6.95 million common shares currently
outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
today announced that as of July 31, 2020, the company’s unaudited
total assets were approximately $236.6 million and its unaudited
net asset value was $205.3 million, or $15.22 per share.
As of July 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 773 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 July 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
232.5
$
17.24
Cash and Cash Equivalents
0.3
0.02
Other Assets
3.8
0.28
Total Assets
236.6
17.54
Credit Facility Borrowings
30.5
2.26
Other Liabilities
0.8
0.06
Net Assets
$
205.3
$
15.22
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
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. Ecofin
Advisors Limited is a sub-adviser to Tortoise Essential Assets
Income Term Fund.
For additional information on these funds, please visit
cef.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/20200803005811/en/
Maggie Zastrow (913) 981-1020 info@tortoiseadvisors.com
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