Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP,
NDP, TPZ and TEAF.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of Nov. 30, 2019, the company’s unaudited total
assets were approximately $1.7 billion and its unaudited net asset
value was $930.4 million, or $17.31 per share.
As of Nov. 30, 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 339 percent, and its coverage ratio
for preferred shares was 249 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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
1,665.8
$
31.00
Cash and Cash Equivalents
0.3
0.01
Receivable for Investments Sold
1.3
0.02
Current Tax Asset
10.9
0.20
Other Assets
3.5
0.07
Total Assets
1,681.8
31.30
Credit Facility Borrowings
93.9
1.75
Senior Notes
365.0
6.79
Preferred Stock
165.0
3.07
Total Leverage
623.9
11.61
Other Liabilities
11.2
0.21
Deferred Tax Liability
116.3
2.17
Net Assets
$
930.4
$
17.31
53.73 million common shares currently
outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today
announced that as of Nov. 30, 2019, the company’s unaudited total
assets were approximately $1.2 billion and its unaudited net asset
value was $667.8 million, or $10.56 per share.
As of Nov. 30, 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 342 percent, and its coverage ratio
for preferred shares was 244 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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
1,158.8
$
18.33
Cash and Cash Equivalents
0.6
0.01
Receivable for Investments Sold
1.3
0.02
Current Tax Asset
2.3
0.04
Other Assets
1.4
0.02
Total Assets
1,164.4
18.42
Credit Facility Borrowings
53.6
0.85
Senior Notes
277.0
4.38
Preferred Stock
132.0
2.09
Total Leverage
462.6
7.32
Other Liabilities
6.1
0.10
Deferred Tax Liability
27.9
0.44
Net Assets
$
667.8
$
10.56
63.21 million common shares currently
outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of Nov. 30, 2019 the company’s unaudited
total assets were approximately $193.0 million and its unaudited
net asset value was $129.9 million, or $12.97 per share.
As of Nov. 30, 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 419 percent, and its coverage ratio
for preferred shares was 310 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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
192.0
$
19.17
Cash and Cash Equivalents
0.3
0.03
Other Assets
0.7
0.07
Total Assets
193.0
19.27
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
Other Liabilities
1.3
0.13
Net Assets
$
129.9
$
12.97
10.02 million common shares currently
outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of Nov. 30, 2019, the company’s
unaudited total assets were approximately $88.7 million and its
unaudited net asset value was $61.6 million, or $4.17 per
share.
As of Nov. 30, 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 332
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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
88.1
$
5.97
Cash and Cash Equivalents
0.3
0.02
Other Assets
0.3
0.02
Total Assets
88.7
6.01
Credit Facility Borrowings
26.5
1.80
Other Liabilities
0.6
0.04
Net Assets
$
61.6
$
4.17
14.77 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of Nov. 30, 2019, the company’s
unaudited total assets were approximately $177.9 million and its
unaudited net asset value was $123.1 million, or $17.70 per
share.
As of Nov. 30, 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 327
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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
175.8
$
25.29
Cash and Cash Equivalents
0.3
0.04
Other Assets
1.8
0.26
Total Assets
177.9
25.59
Credit Facility Borrowings
54.1
7.78
Other Liabilities
0.7
0.11
Net Assets
$
123.1
$
17.70
6.95 million common shares currently
outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF)
today announced that as of Nov. 30, 2019, the company’s unaudited
total assets were approximately $271.0 million and its unaudited
net asset value was $235.8 million, or $17.48 per share.
As of Nov. 30, 2019, the company was in compliance with its
asset coverage ratios under the Investment Company Act of 1940 (the
1940 Act). 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 Nov. 30, 2019.
Unaudited preliminary balance
sheet
(in Millions)
Per Share
Investments
$
266.6
$
19.76
Cash and Cash Equivalents
2.0
0.15
Other Assets
2.4
0.17
Total Assets
271.0
20.08
Credit Facility Borrowings
32.0
2.37
Payable for Investments Purchased
0.9
0.07
Other Liabilities
2.3
0.16
Net Assets
$
235.8
$
17.48
13.49 million common shares currently
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.tortoiseadvisors.com.
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 Essential Assets Income Term Fund
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) is a
non-diversified, closed-end management investment company that
seeks to provide a high level of total return with an emphasis on
current distributions. TEAF provides investors access to a
combination of public and direct investments in essential assets
that are making an impact on clients and communities.
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, 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. Tortoise
Credit Strategies, LLC and Tortoise Advisors UK Limited are
subadvisors to Tortoise Essential Assets Income Term Fund.
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/20191202005998/en/
Tortoise Pam Kearney, Investor and Public Relations (866)
362-9331 pkearney@tortoiseadvisors.com
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