Market Overview

Tortoise Energy Independence Fund Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of Dec. 31, 2012

LEAWOOD, Kan.--(BUSINESS WIRE)--

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Dec. 31, 2012, the company's unaudited total assets were approximately $382.4 million and its unaudited net asset value was $330.6 million, or $22.79 per share.

As of Dec. 31, 2012, 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 764 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, 2012 and a summary of its top 10 holdings.

Unaudited Balance Sheet

  (in Millions)   Per Share
Investments $ 381.1 $ 26.27
Cash and Cash Equivalents 0.9 0.06
Other Assets   0.4   0.03
Total Assets   382.4   26.36
 
Short-Term Borrowings 49.8 3.43
 
Other Liabilities   2.0   0.14
Net Assets $ 330.6 $ 22.79
 

14.50 million common shares currently outstanding.

Top 10 Holdings (as of Dec. 31, 2012)

Name

 

Market
Value
(in Millions)

 

% of
Investment
Securities(1)

Occidental Petroleum Corp. $ 17.1 4.5 %
Anadarko Petroleum Corp. 16.9 4.4 %
Pioneer Natural Resources Co. 16.5 4.3 %
Apache Corporation 13.9 3.6 %
EOG Resources, Inc. 12.9 3.4 %
Denbury Resources Inc. 11.5 3.0 %
Range Resources Corp. 11.3 3.0 %
Continental Resources Inc. 11.3 3.0 %
Enbridge Energy Management, LLC 11.3 3.0 %
Crescent Point Energy Corp.   10.8 2.8 %
Total $ 133.5 35.0 %

(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 on North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids.

About Tortoise Capital Advisors, L.L.C.

Tortoise Capital Advisors, L.L.C. is an investment manager specializing in listed energy investments. As of Nov. 30, 2012, the adviser had approximately $9.4 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit www.tortoiseadvisors.com.

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 Fund 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 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 Fund and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

Tortoise Capital Advisors, L.L.C.
Pam Kearney, 866-362-9331
Investor Relations
pkearney@tortoiseadvisors.com

 

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