Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for each of its TYG,
NTG, TTP, NDP, TPZ closed-end funds.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today
announced that as of Dec. 31, 2018, the company’s unaudited total
assets were approximately $1.9 billion and its unaudited net asset
value was $1.1 billion, or $21.08 per share.
As of Dec. 31, 2018, 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 412 percent, and its coverage ratio
for preferred shares was 295 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 Dec. 31, 2018.
Unaudited Balance Sheet
(in Millions)
Per Share Investments $ 1,866.9 $ 34.81
Cash and Cash Equivalents 0.2 0.00 Current Tax Asset 14.9 0.28
Other Assets
3.1 0.06 Total
Assets
1,885.1 35.15
Credit Facility Borrowings 35.2 0.66 Senior Notes 380.0 7.08
Preferred Stock
165.0 3.08
Total Leverage
580.2 10.82
Payable for Investments Purchased 15.5 0.29 Other
Liabilities 8.6 0.16 Deferred Tax Liability
150.1 2.80 Net Assets
$ 1,130.7 $
21.08
53.64 million common shares currently
outstanding.
Tortoise MLP Fund, Inc. (NYSE: NTG) today announced that
as of Dec. 31, 2018, the company’s unaudited total assets were
approximately $1.3 billion and its unaudited net asset value was
$817.5 million, or $12.93 per share. As of Dec. 31, 2018, 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 387
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 Dec. 31, 2018.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 1,323.7 $ 20.94
Cash and Cash Equivalents 0.3 0.00 Current Tax Asset 0.5 0.01 Other
Assets
1.9 0.03 Total
Assets
1,326.4 20.98
Credit Facility Borrowings 18.9 0.30 Senior Notes 312.0 4.93
Preferred Stock
132.0 2.09
Total Leverage
462.9 7.32
Other Liabilities 6.9 0.11 Deferred Tax Liability
39.1 0.62 Net Assets
$ 817.5 $ 12.93
63.21 million common shares currently
outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
today announced that as of Dec. 31, 2018, the company’s unaudited
total assets were approximately $201.4 million and its unaudited
net asset value was $141.2 million, or $14.10 per share.
As of Dec. 31, 2018, 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 466 percent, and its coverage ratio
for preferred shares was 340 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 Dec. 31, 2018.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 200.6 $ 20.03
Cash and Cash Equivalents 0.2 0.02 Other Assets
0.6 0.06 Total Assets
201.4 20.11 Credit Facility
Borrowings 8.9 0.89 Senior Notes 34.0 3.39 Preferred Stock
16.0 1.60 Total Leverage
58.9 5.88 Other Liabilities
1.3 0.13 Net Assets
$ 141.2 $ 14.10
10.02 million common shares currently
outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:
NDP) today announced that as of Dec. 31, 2018, the company’s
unaudited total assets were approximately $143.9 million and its
unaudited net asset value was $105.1 million, or $7.15 per
share.
As of Dec. 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 386
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 Dec. 31, 2018.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 143.6 $ 9.77
Cash and Cash Equivalents 0.2 0.02 Other Assets
0.1 0.00 Total Assets
143.9 9.79 Credit Facility
Borrowings 36.8 2.50 Other Liabilities
2.0 0.14 Net Assets
$
105.1 $ 7.15
14.70 million common shares currently
outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:
TPZ) today announced that as of Dec. 31, 2018, the company’s
unaudited total assets were approximately $184.0 million and its
unaudited net asset value was $129.4 million, or $18.61 per
share.
As of Dec. 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 340
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 Dec. 31, 2018.
Unaudited balance sheet
(in Millions)
Per Share Investments $ 182.0 $ 26.18
Cash and Cash Equivalents 0.1 0.02 Other Assets
1.9 0.27 Total Assets
184.0 26.47 Credit Facility
Borrowings 54.0 7.77 Other Liabilities
0.6 0.09 Net Assets
$
129.4 $ 18.61
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 Jan. 23, 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: #41352 (available through Feb. 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 MLP Fund, Inc.
Tortoise MLP Fund, Inc. (NYSE: NTG) owns a portfolio of master
limited partnership (MLP) investments in the energy infrastructure
sector, with an emphasis on natural gas infrastructure MLPs.
Tortoise MLP 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 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 Tortoise Energy
Infrastructure Corp., Tortoise MLP 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.
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/20190102005658/en/
TortoisePam Kearney, 866-362-9331Investor and Public
Relationspkearney@tortoiseadvisors.com
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