Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of Feb. 28, 2019 for TYG, NTG, TTP,
NDP, TPZ
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) 407-9210
Replay Number: (877) 481-4010
Replay 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.
Tortoise
Pam Kearney
Investor and Public Relations
(866) 362-9331
pkearney@tortoiseadvisors.com
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