The combined 2020 third quarter stockholders’ report for TYG,
NTG, TTP, NDP, TPZ and TEAF has been released. This report is
available online at cef.tortoiseecofin.com. Please call (866)
362-9331 or email info@tortoiseadvisors.com to request hard copies
of this report free of charge. Additionally, the unaudited balance
sheet information and asset coverage ratio updates for TYG, NTG,
TTP, NDP, TPZ and TEAF as of October 31, 2020 are as follows:
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of October 31, 2020, the company’s unaudited
total assets were approximately $410.6 million and its unaudited
net asset value was $255.9 million, or $20.48 per share.
As of October 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 428 percent, and its coverage ratio for preferred
shares was 313 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
342.5
$
27.42
Cash and Cash Equivalents
10.0
0.80
Income Tax Receivable
52.1
4.17
Other Assets
6.0
0.48
Total Assets
410.6
32.87
Senior Notes
87.9
7.04
Preferred Stock
32.3
2.59
Total Leverage
120.2
9.63
Other Liabilities
2.3
0.18
Current Tax Liability
32.2
2.58
Net Assets
$
255.9
$
20.48
12.49 million common shares currently
outstanding.
TYG has completed approximately $13.6 million of share
repurchases under the publicly announced repurchase plan allowing
up to $25.0 million through December 31, 2020. Under the program,
TYG has repurchased 841,725 shares of its common stock at an
average price of $16.142 and an average discount to NAV of
24.9%.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of October 31, 2020, the company’s unaudited
total assets were approximately $195.9 million and its unaudited
net asset value was $123.2 million, or $20.59 per share.
As of October 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 341 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
192.5
$
32.17
Cash and Cash Equivalents
0.1
0.02
Other Assets
3.3
0.56
Total Assets
195.9
32.75
Short-Term Borrowings
0.3
0.05
Senior Notes
38.2
6.39
Preferred Stock
12.7
2.12
Total Leverage
51.2
8.56
Other Liabilities
0.8
0.14
Current Tax Liability
20.7
3.46
Net Assets
$
123.2
$
20.59
5.98 million common shares currently
outstanding.
NTG has completed approximately $5.5 million of share
repurchases under the publicly announced repurchase plan allowing
up to $12.5 million through December 31, 2020. Under the program,
NTG has repurchased 338,074 shares of its common stock at an
average price of $16.211 and an average discount to NAV of
25.3%.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of October 31, 2020, the company’s
unaudited total assets were approximately $64.8 million and its
unaudited net asset value was $39.8 million, or $16.32 per
share.
As of October 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 349 percent, and its coverage ratio for preferred
shares was 262 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
58.2
$
23.86
Cash and Cash Equivalents
5.8
2.36
Other Assets
0.8
0.34
Total Assets
64.8
26.56
Senior Notes
18.4
7.54
Preferred Stock
6.1
2.50
Total Leverage
24.5
10.04
Other Liabilities
0.5
0.20
Net Assets
$
39.8
$
16.32
2.44 million common shares currently
outstanding.
TTP has completed approximately $0.9 million of share
repurchases under the publicly announced repurchase plan allowing
up to $5.0 million through December 31, 2020. Under the program,
TTP has repurchased 65,155 shares of its common stock at an average
price of $13.799 and an average discount to NAV of 25.6%.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of October 31, 2020, the company’s
unaudited total assets were approximately $30.0 million and its
unaudited net asset value was $24.9 million, or $13.48 per
share.
As of October 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 598 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
29.8
$
16.13
Cash and Cash Equivalents
0.1
0.05
Other Assets
0.1
0.09
Total Assets
30.0
16.27
Credit Facility Borrowings
5.0
2.71
Other Liabilities
0.1
0.08
Net Assets
$
24.9
$
13.48
1.85 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of October 31, 2020, the company’s
unaudited total assets were approximately $108.0 million and its
unaudited net asset value was $81.0 million, or $11.65 per
share.
As of October 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 403 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
106.3
$
15.29
Cash and Cash Equivalents
0.2
0.02
Other Assets
1.5
0.22
Total Assets
108.0
15.53
Credit Facility Borrowings
26.7
3.84
Other Liabilities
0.3
0.04
Net Assets
$
81.0
$
11.65
6.95 million common shares currently
outstanding.
On October 14th, TPZ publicly announced a share repurchase
program allowing up to $5.0 million in common stock repurchases
through August 31, 2021. Under the program, TPZ has repurchased
1,700 shares of its common stock at an average price of $8.240 and
an average discount to NAV of 29.3%.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
today announced that as of October 31, 2020, the company’s
unaudited total assets were approximately $230.9 million and its
unaudited net asset value was $198.7 million, or $14.73 per
share.
As of October 31, 2020, the company’s asset coverage ratio under
the 1940 Act with respect to senior securities representing
indebtedness was 731 percent. For more information on the company’s
coverage ratios, please refer to the leverage summary web page at
https://cef.tortoiseecofin.com.
Set forth below is a summary of the company’s unaudited balance
sheet at October 31, 2020.
Unaudited balance sheet
(in Millions)
Per Share
Investments
$
226.5
$
16.79
Cash and Cash Equivalents
0.3
0.02
Other Assets
4.1
0.30
Total Assets
230.9
17.11
Credit Facility Borrowings
31.5
2.33
Other Liabilities
0.7
0.05
Net Assets
$
198.7
$
14.73
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.tortoiseecofin.com.
About Tortoise
Tortoise focuses on energy infrastructure and the transition to
cleaner energy. Tortoise’s solid track record of energy value chain
investment experience and research dates back more than 20 years.
As one of the earliest investors in midstream energy, Tortoise
believes it is well-positioned to be at the forefront of the global
energy evolution that is underway. 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 www.TortoiseEcofin.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.tortoiseecofin.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/20201102006075/en/
Maggie Zastrow at (913) 981-1020 or
info@tortoiseadvisors.com
Tortoise Pipeline and En... (NYSE:TTP)
Historical Stock Chart
From May 2024 to Jun 2024
Tortoise Pipeline and En... (NYSE:TTP)
Historical Stock Chart
From Jun 2023 to Jun 2024