Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP, NDP
and TPZ.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of March 31, 2019, the company’s unaudited total
assets were approximately $2.2 billion and its unaudited net asset
value was $1.3 billion, or $24.48 per share.
As of March 31, 2019, 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 392 percent, and its coverage ratio
for preferred shares was 296 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 March 31, 2019.
Unaudited Balance Sheet
(in Millions)
Per Share Investments $ 2,190.0 $ 40.83 Cash and Cash
Equivalents 0.2 0.01 Receivable for Investments Sold 0.1 0.00
Current Tax Asset 15.6 0.29 Other Assets
4.9
0.09 Total Assets
2,210.8
41.22 Credit Facility Borrowings 125.4
2.34 Senior Notes 380.0 7.08 Preferred Stock
165.0 3.08 Total Leverage
670.4 12.50 Payable for
Investments Purchased 7.1 0.13 Other Liabilities 10.8 0.20 Deferred
Tax Liability
209.7 3.91
Net Assets
$ 1,312.8 $
24.48
53.64 million common shares currently
outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of March 31, 2019, the company’s unaudited total
assets were approximately $1.6 billion and its unaudited net asset
value was $957.0 million, or $15.14 per share.
As of March 31, 2019, 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 377 percent, and its coverage ratio
for preferred shares was 282 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 March 31, 2019.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 1,577.2 $ 24.95 Cash and Cash
Equivalents 0.1 0.00 Receivable for Investments Sold 0.1 0.00
Current Tax Asset 0.5 0.01 Other Assets
1.5
0.02 Total Assets
1,579.4
24.98 Credit Facility Borrowings 80.6
1.27 Senior Notes 312.0 4.94 Preferred Stock
132.0 2.09 Total Leverage
524.6 8.30 Payable for
Investments Purchased 0.2 0.00 Other Liabilities 8.3 0.13 Deferred
Tax Liability
89.3 1.41 Net
Assets
$ 957.0 $
15.14
63.21 million common shares currently
outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of March 31, 2019, the company’s unaudited
total assets were approximately $238.4 million and its unaudited
net asset value was $173.4 million, or $17.31 per share.
As of March 31, 2019, 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 508 percent, and its coverage ratio
for preferred shares was 378 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 March 31, 2019.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 236.8 $ 23.64 Cash and Cash
Equivalents 0.2 0.02 Receivable for Investments Sold 0.8 0.08 Other
Assets
0.6 0.06 Total
Assets
238.4 23.80
Credit Facility Borrowings 12.4 1.24 Senior Notes 34.0 3.39
Preferred Stock
16.0 1.60
Total Leverage
62.4 6.23
Payable for Investments Purchased 0.8 0.08 Other Liabilities
1.8 0.18 Net Assets
$ 173.4 $ 17.31
10.02 million common shares currently
outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of March 31, 2019, the company’s
unaudited total assets were approximately $162.4 million and its
unaudited net asset value was $116.0 million, or $7.88 per
share.
As of March 31, 2019, 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 March 31, 2019.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 162.1 $ 11.00 Cash and Cash
Equivalents 0.2 0.02 Other Assets
0.1
0.01 Total Assets
162.4
11.03 Credit Facility Borrowings 40.6 2.76
Other Liabilities
5.8
0.39 Net Assets
$ 116.0
$ 7.88
14.73 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of March 31, 2019, the company’s
unaudited total assets were approximately $199.8 million and its
unaudited net asset value was $144.7 million, or $20.81 per
share.
As of March 31, 2019, 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 366
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 March 31, 2019.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 198.1 $ 28.50 Cash and Cash
Equivalents 0.2 0.03 Other Assets
1.5
0.21 Total Assets
199.8
28.74 Credit Facility Borrowings 54.4 7.83
Other Liabilities
0.7
0.10 Net Assets
$ 144.7
$ 20.81
6.95 million common shares currently
outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ 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 April 24, 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: #41353 (available through May 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 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
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 is the Adviser to Tortoise Energy
Infrastructure Corp., Tortoise Midstream Energy 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.
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/20190401005947/en/
TortoisePam Kearney, 866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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