August 1, 2019 - 7:02 PM EDT
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Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of July 31, 2019 for TYG, NTG, TTP, NDP, TPZ and TEAF

LEAWOOD, Kan.

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 July 31, 2019, the company’s unaudited total assets were approximately $2.1 billion and its unaudited net asset value was $1.2 billion, or $22.89 per share.

As of July 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 363 percent, and its coverage ratio for preferred shares was 277 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 July 31, 2019.

Unaudited Balance Sheet

 

(in Millions)

 

Per Share

Investments

$

2,087.8

$

38.93

Cash and Cash Equivalents

 

0.1

 

0.00

Current Tax Asset

 

8.1

 

0.15

Other Assets

 

23.0

 

0.43

Total Assets

 

2,119.0

 

39.51

 

 

 

Credit Facility Borrowings

 

149.8

 

2.79

Senior Notes

 

380.0

 

7.09

Preferred Stock

 

165.0

 

3.08

Total Leverage

 

694.8

 

12.96

 

 

 

Payable for Investments Purchased

 

2.2

 

0.04

Other Liabilities

 

6.2

 

0.12

Deferred Tax Liability

 

187.8

 

3.50

Net Assets

$

1,228.0

$

22.89

 

 

 

53.64 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of July 31, 2019, the company’s unaudited total assets were approximately $1.5 billion and its unaudited net asset value was $888.6 million, or $14.06 per share.

As of July 31, 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 356 percent, and its coverage ratio for preferred shares was 268 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 July 31, 2019.

Unaudited balance sheet

 

(in Millions)

 

Per Share

Investments

$

1,487.2

$

23.53

Cash and Cash Equivalents

 

0.1

 

0.00

Current Tax Asset

 

1.9

 

0.03

Other Assets

 

14.5

 

0.23

Total Assets

 

1,503.7

 

23.79

 

 

 

Credit Facility Borrowings

 

86.3

 

1.36

Senior Notes

 

312.0

 

4.94

Preferred Stock

 

132.0

 

2.09

Total Leverage

 

530.3

 

8.39

 

 

 

Payable for Investments Purchased

 

1.1

 

0.01

Other Liabilities

 

5.0

 

0.08

Deferred Tax Liability

 

78.7

 

1.25

Net Assets

$

888.6

$

14.06

 

 

 

63.21 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of July 31, 2019, the company’s unaudited total assets were approximately $220.1 million and its unaudited net asset value was $156.1 million, or $15.58 per share.

As of July 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 472 percent, and its coverage ratio for preferred shares was 351 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 July 31, 2019.

Unaudited balance sheet

 

(in Millions)

 

Per Share

Investments

$

217.9

$

21.75

Cash and Cash Equivalents

 

0.2

 

0.02

Other Assets

 

2.0

 

0.20

Total Assets

 

220.1

 

21.97

 

 

 

Credit Facility Borrowings

 

12.2

 

1.22

Senior Notes

 

34.0

 

3.39

Preferred Stock

 

16.0

 

1.60

Total Leverage

 

62.2

 

6.21

 

 

 

 

 

 

Payable for Investments Purchased

 

0.7

 

0.07

Other Liabilities

 

1.1

 

0.11

Net Assets

$

156.1

$

15.58

 

10.02 million common shares currently outstanding.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of July 31, 2019, the company’s unaudited total assets were approximately $117.1 million and its unaudited net asset value was $80.6 million, or $5.46 per share.

As of July 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 334 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 July 31, 2019.

Unaudited balance sheet

 

(in Millions)

 

Per Share

Investments

$

116.7

$

7.90

Cash and Cash Equivalents

 

0.3

 

0.02

Other Assets

 

0.1

 

0.01

Total Assets

 

117.1

 

7.93

 

Credit Facility Borrowings

 

34.4

 

2.33

 

Other Liabilities

 

2.1

 

0.14

Net Assets

$

80.6

$

5.46

 

14.77 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of July 31, 2019, the company’s unaudited total assets were approximately $194.7 million and its unaudited net asset value was $138.8 million, or $19.96 per share.

As of July 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 352 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 July 31, 2019.

Unaudited balance sheet

 

(in Millions)

 

Per Share

Investments

$

191.7

$

27.58

Cash and Cash Equivalents

 

0.4

 

0.06

Other Assets

 

2.6

 

0.37

Total Assets

 

194.7

 

28.01

 

 

 

Credit Facility Borrowings

 

55.1

 

7.93

 

 

 

Payable for Investments Purchased

 

0.3

 

0.05

Other Liabilities

 

0.5

 

0.07

Net Assets

$

138.8

$

19.96

 

6.95 million common shares currently outstanding.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of July 31, 2019, the company’s unaudited total assets were approximately $284.5 million and its unaudited net asset value was $252.1 million, or $18.69 per share.

As of July 31, 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 balance sheet at July 31, 2019.

Unaudited balance sheet

 

(in Millions)

 

Per Share

Investments

$

280.0

$

20.75

Cash and Cash Equivalents

 

1.1

 

0.08

Other Assets

 

3.4

 

0.26

Total Assets

 

284.5

 

21.09

 

 

 

Credit Facility Borrowings

 

31.5

 

2.33

 

 

 

Other Liabilities

 

0.9

 

0.07

Net Assets

$

252.1

$

18.69

 

 

 

13.49 million common shares currently outstanding.

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, LLC 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.

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


Source: Business Wire (August 1, 2019 - 7:02 PM EDT)

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