Tortoise Energy Independence Fund, Inc. (NDP) Provides Unaudited Balance Sheet Information & Asset Coverage Ratio Update as o...
September 04 2018 - 7:54PM
Business Wire
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today
announced that as of Aug. 31, 2018, the company’s unaudited total
assets were approximately $242.2 million and its unaudited net
asset value was $172.4 million, or $11.76 per share.
As of Aug. 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 364
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
preliminary balance sheet at Aug. 31, 2018 and a summary of its top
10 holdings.
Unaudited preliminary balance sheet
(in Millions)
Per Share Investments $
241.8 $ 16.50 Cash and Cash Equivalents 0.3 0.02 Other Assets
0.1 0.00 Total Assets
242.2 16.52 Credit
Facility Borrowings 65.2 4.45 Other Liabilities
4.6 0.31 Net Assets
$
172.4 $ 11.76
14.66 million common shares currently
outstanding.
Top 10 holdings (as of Aug. 31, 2018)
Name
Ticker
Market Value
(in Millions)
% of
Investment
Securities(1)
Pioneer Natural Resources Company PXD $ 20.0 8.3 % EOG Resources,
Inc. EOG 16.8 6.9 % Cabot Oil & Gas Corporation COG 15.8 6.5 %
Devon Energy Corporation DVN 15.3 6.3 % Continental Resources, Inc.
CLR 14.9 6.1 % Diamondback Energy, Inc. FANG 11.8 4.9 % WPX Energy,
Inc. WPX 11.3 4.7 % Concho Resources Inc. CXO 10.8 4.5 % EQT
Corporation EQT 9.9 4.1 % Anadarko Petroleum Corporation APC
8.2 3.4 % Total
$ 134.8 55.7 %
(1)
Percent of Investments and Cash Equivalents.
Energy Value Chain Conference Call
Tortoise will host a conference call on Oct. 24, 2018 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: #21460 (available through Nov. 26, 2018)
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
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 the Tortoise Energy
Independence 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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version on businesswire.com: https://www.businesswire.com/news/home/20180904005945/en/
TortoisePam Kearney, Investor and Public Relations(866)
362-9331pkearney@tortoiseadvisors.com
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