June 1, 2018 - 6:42 PM EDT
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Tortoise Energy Independence Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of May 31, 2018


Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of May 31, 2018, the company’s unaudited total assets were approximately $245.6 million and its unaudited net asset value was $178.3 million, or $12.18 per share.

As of May 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 371 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 May 31, 2018 and a summary of its top 10 holdings.

Unaudited preliminary balance sheet

  (in Millions)   Per Share
Investments $ 245.3 $ 16.76
Cash and Cash Equivalents 0.2 0.01
Other Assets   0.1   0.01
Total Assets   245.6   16.78
Credit Facility Borrowings 65.8 4.50
Other Liabilities   1.5   0.10
Net Assets $ 178.3 $ 12.18

14.63 million common shares currently outstanding.

Top 10 holdings (as of May 31, 2018)






Market Value
(in Millions)


% of

Pioneer Natural Resources Company PXD $ 22.1 9.0 %
EOG Resources, Inc. EOG 16.7 6.8 %
Continental Resources, Inc. CLR 15.2 6.2 %
Cabot Oil & Gas Corporation COG 15.1 6.2 %
Diamondback Energy, Inc. FANG 11.9 4.9 %
Concho Resources Inc. CXO 11.5 4.7 %
Devon Energy Corporation DVN 10.6 4.3 %
Anadarko Petroleum Corporation APC 8.9 3.6 %
WPX Energy, Inc. WPX 8.3 3.4 %
Range Resources Corporation RRC   7.3 3.0 %


$ 127.6 52.1 %

 (1) Percent of Investments and Cash Equivalents.

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.

Pam Kearney, 866-362-9331
Investor and Public Relations
[email protected]

Source: Business Wire (June 1, 2018 - 6:42 PM EDT)

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