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 August 31, 2020, the company’s unaudited total
assets were approximately $451.6 million and its unaudited net
asset value was $294.5 million, or $22.52 per share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 452 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$366.1
$28.00
Cash and Cash Equivalents
30.8
2.36
Income Tax Receivable
52.1
3.98
Other Assets
2.6
0.19
Total Assets
451.6
34.53
Senior Notes
92.8
7.09
Preferred Stock
32.3
2.47
Total Leverage
125.1
9.56
Other Liabilities
2.5
0.19
Current Tax Liability
29.5
2.26
Net Assets
$ 294.5
$ 22.52
13.08 million common shares currently
outstanding.
During the month, TYG paid $2,927,094 to repurchase 168,873
shares of its common stock at an average price of $17.333 and an
average discount to NAV of 26.5%.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of August 31, 2020, the company’s unaudited total
assets were approximately $213.1 million and its unaudited net
asset value was $141.4 million, or $22.75 per share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 503 percent, and its coverage ratio for preferred
shares was 378 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$203.4
$ 32.72
Cash and Cash Equivalents
8.4
1.35
Other Assets
1.3
0.22
Total Assets
213.1
34.29
Senior Notes
38.2
6.15
Preferred Stock
12.7
2.04
Total Leverage
50.9
8.19
Other Liabilities
1.4
0.22
Current Tax Liability
19.4
3.13
Net Assets
$ 141.4
$ 22.75
6.22 million common shares currently
outstanding.
During the month, NTG paid $1,306,391 to repurchase 72,742
shares of its common stock at an average price of $17.959 and an
average discount to NAV of 24.6%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of August 31, 2020, the company’s unaudited
total assets were approximately $71.7 million and its unaudited net
asset value was $46.7 million, or $18.87 per share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 387 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$63.8
$ 25.79
Cash and Cash Equivalents
7.5
3.05
Other Assets
0.4
0.16
Total Assets
71.7
29.00
Senior Notes
18.4
7.44
Preferred Stock
6.1
2.47
Total Leverage
24.5
9.91
Other Liabilities
0.5
0.22
Net Assets
$46.7
$ 18.87
2.47 million common shares currently
outstanding.
During the month, TTP paid $290,994 to repurchase 19,998 shares
of its common stock at an average price of $14.551 and an average
discount to NAV of 26.1%.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of August 31, 2020, the company’s
unaudited total assets were approximately $33.8 million and its
unaudited net asset value was $29.1 million, or $15.78 per
share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 762 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$ 33.5
$ 18.13
Cash and Cash Equivalents
0.1
0.07
Other Assets
0.2
0.09
Total Assets
33.8
18.29
Credit Facility Borrowings
4.4
2.38
Other Liabilities
0.3
0.13
Net Assets
$ 29.1
$ 15.78
1.85 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of August 31, 2020, the company’s
unaudited total assets were approximately $111.8 million and its
unaudited net asset value was $85.2 million, or $12.26 per
share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 427 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$ 110.6
$ 15.91
Cash and Cash Equivalents
0.2
0.03
Other Assets
1.0
0.15
Total Assets
111.8
16.09
Credit Facility Borrowings
26.1
3.75
Other Liabilities
0.5
0.08
Net Assets
$ 85.2
$ 12.26
6.95 million common shares currently
outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
today announced that as of August 31, 2020, the company’s unaudited
total assets were approximately $237.7 million and its unaudited
net asset value was $206.3 million, or $15.29 per share.
As of August 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 776 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
preliminary balance sheet at August 31, 2020.
Unaudited preliminary balance sheet
(in Millions)
Per Share
Investments
$231.5
$17.16
Cash and Cash Equivalents
3.1
0.23
Other Assets
3.1
0.23
Total Assets
237.7
17.62
Credit Facility Borrowings
30.5
2.26
Other Liabilities
0.9
0.07
Net Assets
$206.3
$15.29
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/20200901006135/en/
Maggie Zastrow at (913) 981-1020 or
info@tortoiseadvisors.com
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