NDP Tortoise Energy Independence Fund Inc

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 Feb. 28, 2019, the company’s unaudited total assets were approximately $2.1 billion and its unaudited net asset value was $1.2 billion, or $23.23 per share.

As of Feb. 28, 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 374 percent, and its coverage ratio for preferred shares was 283 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 preliminary unaudited balance sheet at Feb. 28, 2019.

Preliminary Unaudited Balance Sheet

      (in Millions)       Per Share     Investments $2,110.4 $39.35 Cash and Cash Equivalents 0.1 0.00 Receivable for Investments Sold 1.7 0.03 Current Tax Asset 14.9 0.28 Other Assets 3.0 0.05 Total Assets 2,130.1 39.71   Credit Facility Borrowings 134.1 2.50 Senior Notes 380.0 7.08 Preferred Stock 165.0 3.08 Total Leverage 679.1 12.66   Payable for Investments Purchased 5.1 0.10 Other Liabilities 11.1 0.20 Deferred Tax Liability 189.0 3.52 Net Assets $ 1,245.8 $ 23.23

53.64 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of Feb. 28, 2019, the company’s unaudited total assets were approximately $1.5 billion and its unaudited net asset value was $905.9 million, or $14.33 per share.

As of Feb. 28, 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 366 percent, and its coverage ratio for preferred shares was 273 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 preliminary unaudited balance sheet at Feb. 28, 2019.

Preliminary Unaudited balance sheet

      (in Millions)       Per Share     Investments $1,506.8 $ 23.84 Cash and Cash Equivalents 0.2 0.00 Receivable for Investments Sold 0.2 0.00 Current Tax Asset 0.5 0.01 Other Assets 1.6 0.03 Total Assets 1,509.3 23.88   Credit Facility Borrowings 78.6 1.24 Senior Notes 312.0 4.94 Preferred Stock 132.0 2.09 Total Leverage 522.6 8.27   Other Liabilities 7.0 0.11 Deferred Tax Liability 73.8 1.17 Net Assets $ 905.9 $ 14.33

63.21 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Feb. 28, 2019, the company’s unaudited total assets were approximately $227.8 million and its unaudited net asset value was $163.3 million, or $16.30 per share.

As of Feb. 28, 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 492 percent, and its coverage ratio for preferred shares 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 preliminary unaudited balance sheet at Feb. 28, 2019.

Preliminary Unaudited balance sheet

      (in Millions)       Per Share     Investments $226.3 $ 22.60 Cash and Cash Equivalents 0.2 0.02 Receivable for Investments Sold 0.6 0.06 Other Assets 0.7 0.07 Total Assets 227.8 22.75   Credit Facility Borrowings 11.8 1.18 Senior Notes 34.0 3.39 Preferred Stock 16.0 1.60 Total Leverage 61.8 6.17   Payable for Investments Purchased 1.5 0.16 Other Liabilities 1.2 0.12 Net Assets $163.3 $ 16.30

10.02 million common shares currently outstanding.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Feb. 28, 2019, the company’s unaudited total assets were approximately $156.6 million and its unaudited net asset value was $111.5 million, or $7.57 per share.

As of Feb. 28, 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 363 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 preliminary unaudited balance sheet at Feb. 28, 2019.

Preliminary Unaudited balance sheet

      (in Millions)       Per Share     Investments $ 155.8 $ 10.58 Cash and Cash Equivalents 0.2 0.01 Receivable for Investments Sold 0.5 0.03 Other Assets 0.1 0.01 Total Assets 156.6 10.63   Credit Facility Borrowings 42.4 2.88   Payable for Investments Purchased 1.4 0.10 Other Liabilities 1.3 0.08 Net Assets $ 111.5 $ 7.57

14.73 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Feb. 28, 2019, the company’s unaudited total assets were approximately $195.3 million and its unaudited net asset value was $140.8 million, or $20.25 per share.

As of Feb. 28, 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 362 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 preliminary unaudited balance sheet at Feb. 28, 2019.

Preliminary Unaudited balance sheet

      (in Millions)       Per Share     Investments $ 193.3 $ 27.81 Cash and Cash Equivalents 0.1 0.02 Other Assets 1.9 0.27 Total Assets 195.3 28.10   Credit Facility Borrowings 53.8 7.74   Other Liabilities 0.7 0.11 Net Assets $ 140.8 $ 20.25

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190301005583/en/

TortoisePam KearneyInvestor and Public Relations(866) 362-9331pkearney@tortoiseadvisors.com