NTG Tortoise Midstream Energy Fund Inc

Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for each of its TYG, NTG, TTP, NDP, TPZ closed-end funds.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of Dec. 31, 2018, the company’s unaudited total assets were approximately $1.9 billion and its unaudited net asset value was $1.1 billion, or $21.08 per share.

As of Dec. 31, 2018, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 412 percent, and its coverage ratio for preferred shares was 295 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2018.

Unaudited Balance Sheet

          (in Millions)     Per Share Investments $ 1,866.9 $ 34.81 Cash and Cash Equivalents 0.2 0.00 Current Tax Asset 14.9 0.28 Other Assets   3.1   0.06 Total Assets   1,885.1   35.15   Credit Facility Borrowings 35.2 0.66 Senior Notes 380.0 7.08 Preferred Stock   165.0   3.08 Total Leverage   580.2   10.82   Payable for Investments Purchased 15.5 0.29 Other Liabilities 8.6 0.16 Deferred Tax Liability   150.1   2.80 Net Assets $ 1,130.7 $ 21.08  

53.64 million common shares currently outstanding.

 

Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that as of Dec. 31, 2018, the company’s unaudited total assets were approximately $1.3 billion and its unaudited net asset value was $817.5 million, or $12.93 per share. As of Dec. 31, 2018, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. 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 277 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2018.

Unaudited balance sheet

          (in Millions)     Per Share Investments $ 1,323.7 $ 20.94 Cash and Cash Equivalents 0.3 0.00 Current Tax Asset 0.5 0.01 Other Assets   1.9   0.03 Total Assets   1,326.4   20.98   Credit Facility Borrowings 18.9 0.30 Senior Notes 312.0 4.93 Preferred Stock   132.0   2.09 Total Leverage   462.9   7.32   Other Liabilities 6.9 0.11 Deferred Tax Liability   39.1   0.62 Net Assets $ 817.5 $ 12.93  

63.21 million common shares currently outstanding.

 

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Dec. 31, 2018, the company’s unaudited total assets were approximately $201.4 million and its unaudited net asset value was $141.2 million, or $14.10 per share.

As of Dec. 31, 2018, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act) and basic maintenance covenants. The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 466 percent, and its coverage ratio for preferred shares was 340 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2018.

Unaudited balance sheet

          (in Millions)     Per Share Investments $ 200.6 $ 20.03 Cash and Cash Equivalents 0.2 0.02 Other Assets   0.6   0.06 Total Assets   201.4   20.11   Credit Facility Borrowings 8.9 0.89 Senior Notes 34.0 3.39 Preferred Stock   16.0   1.60 Total Leverage   58.9   5.88   Other Liabilities   1.3   0.13 Net Assets $ 141.2 $ 14.10  

10.02 million common shares currently outstanding.

 

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Dec. 31, 2018, the company’s unaudited total assets were approximately $143.9 million and its unaudited net asset value was $105.1 million, or $7.15 per share.

As of Dec. 31, 2018, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 386 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2018.

Unaudited balance sheet

          (in Millions)     Per Share Investments $ 143.6 $ 9.77 Cash and Cash Equivalents 0.2 0.02 Other Assets   0.1   0.00 Total Assets   143.9   9.79   Credit Facility Borrowings 36.8 2.50   Other Liabilities   2.0   0.14 Net Assets $ 105.1 $ 7.15  

14.70 million common shares currently outstanding.

 

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Dec. 31, 2018, the company’s unaudited total assets were approximately $184.0 million and its unaudited net asset value was $129.4 million, or $18.61 per share.

As of Dec. 31, 2018, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 340 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.

Set forth below is a summary of the company’s unaudited balance sheet at Dec. 31, 2018.

Unaudited balance sheet

          (in Millions)     Per Share Investments $ 182.0 $ 26.18 Cash and Cash Equivalents 0.1 0.02 Other Assets   1.9   0.27 Total Assets   184.0   26.47   Credit Facility Borrowings 54.0 7.77   Other Liabilities   0.6   0.09 Net Assets $ 129.4 $ 18.61  

6.95 million common shares currently outstanding.

 

The top 10 holdings for each of the Tortoise closed-end funds as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseadvisors.com.

Energy Value Chain Conference Call

Tortoise will host a conference call on Jan. 23, 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: #41352 (available through Feb. 23, 2019)

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 MLP Fund, Inc.

Tortoise MLP Fund, Inc. (NYSE: NTG) owns a portfolio of master limited partnership (MLP) investments in the energy infrastructure sector, with an emphasis on natural gas infrastructure MLPs. Tortoise MLP 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

Tortoise specializes in essential assets and income. Tortoise invests in assets and services that serve essential needs in society and can also serve essential client needs, such as diversification and income. Tortoise’s energy investing expertise across the energy value chain, including infrastructure and MLPs, dates back more than 15 years. Through a variety of investment vehicles, Tortoise provides access to a wide range of client solutions, focused on their evolving needs. For more information, please visit www.tortoiseadvisors.com.

Tortoise Capital Advisors is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise MLP Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.

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.

Forward-looking statement

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 Company and Tortoise Capital Advisors believe 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 Company’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 Company and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

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TortoisePam Kearney, 866-362-9331Investor and Public Relationspkearney@tortoiseadvisors.com