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Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of July 31, 2020 for TYG, NTG, TTP, NDP, TPZ and TEAF

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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, 2020, the company's unaudited total assets were approximately $465.3 million and its unaudited net asset value was $294.9 million, or $22.27 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 453 percent, and its coverage ratio for preferred shares was 336 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

361.6

$

27.31

Cash and Cash Equivalents

 

44.9

 

3.39

Current Tax Asset

 

52.1

 

3.93

Other Assets

 

6.7

 

0.51

Total Assets

 

465.3

 

35.14

 

Senior Notes

 

92.8

 

7.01

Preferred Stock

 

32.3

 

2.44

Total Leverage

 

125.1

 

9.45

 

Payable for Investments Purchased

 

0.1

 

0.01

Other Liabilities

 

1.8

 

0.14

Current Tax Liability

 

43.4

 

3.27

Net Assets

$

294.9

$

22.27

13.24 million common shares currently outstanding.

During the month, TYG paid $1,531,716 to repurchase 93,283 shares of its common stock at an average price of $16.405 and an average discount to NAV of 25.3%.

Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) today announced that as of July 31, 2020, the company's unaudited total assets were approximately $220.9 million and its unaudited net asset value was $142.8 million, or $22.72 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 507 percent, and its coverage ratio for preferred shares was 381 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

200.4

$

31.87

Cash and Cash Equivalents

 

15.5

 

2.46

Receivable for Investments Sold

 

1.4

 

0.23

Other Assets

 

3.6

 

0.57

Total Assets

 

220.9

 

35.13

 

 

 

Senior Notes

 

38.2

 

6.08

Preferred Stock

 

12.7

 

2.02

Total Leverage

 

50.9

 

8.10

 

 

 

Other Liabilities

 

0.9

 

0.13

Current Tax Liability

 

26.3

 

4.18

Net Assets

$

142.8

$

22.72

6.29 million common shares currently outstanding.

During the month, NTG paid $588,040 to repurchase 34,530 shares of its common stock at an average price of $17.015 and an average discount to NAV of 24.3%.

Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) today announced that as of July 31, 2020, the company's unaudited total assets were approximately $71.3 million and its unaudited net asset value was $46.4 million, or $18.63 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 385 percent, and its coverage ratio for preferred shares was 290 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

62.00

$

24.84

Cash and Cash Equivalents

 

8.5

 

3.42

Other Assets

 

0.8

 

0.33

Total Assets

 

71.3

 

28.59

 

 

 

Senior Notes

 

18.4

 

7.38

Preferred Stock

 

6.1

 

2.45

Total Leverage

 

24.5

 

9.83

 

 

 

Other Liabilities

 

0.4

 

0.13

Net Assets

$

46.4

$

18.63

2.49 million common shares currently outstanding.

During the month, TTP paid $158,555 to repurchase 11,264 shares of its common stock at an average price of $14.076 and an average discount to NAV of 23.7%.

Tortoise Energy Independence Fund, Inc. (NYSE:NDP) today announced that as of July 31, 2020, the company's unaudited total assets were approximately $32.9 million and its unaudited net asset value was $28.6 million, or $15.51 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 798 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

32.4

$

17.57

Cash and Cash Equivalents

 

0.3

 

0.17

Other Assets

 

0.2

 

0.09

Total Assets

 

32.9

 

17.83

 

Credit Facility Borrowings

 

4.1

 

2.22

 

Other Liabilities

 

0.2

 

0.10

Net Assets

$

28.6

$

15.51

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) today announced that as of July 31, 2020, the company's unaudited total assets were approximately $108.2 million and its unaudited net asset value was $83.8 million, or $12.06 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 449 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

106.6

$

15.34

Cash and Cash Equivalents

 

0.3

 

0.04

Other Assets

 

1.3

 

0.18

Total Assets

 

108.2

 

15.56

 

 

 

Credit Facility Borrowings

 

24.0

 

3.45

 

 

 

Other Liabilities

 

0.4

 

0.05

Net Assets

$

83.8

$

12.06

6.95 million common shares currently outstanding.

Tortoise Essential Assets Income Term Fund (NYSE:TEAF) today announced that as of July 31, 2020, the company's unaudited total assets were approximately $236.6 million and its unaudited net asset value was $205.3 million, or $15.22 per share.

As of July 31, 2020, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 773 percent. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseadvisors.com.

Set forth below is a summary of the company's unaudited balance sheet at July 31, 2020.

Unaudited balance sheet

 

(in Millions)

Per Share

Investments

$

232.5

$

17.24

Cash and Cash Equivalents

 

0.3

 

0.02

Other Assets

 

3.8

 

0.28

Total Assets

 

236.6

 

17.54

 

 

 

Credit Facility Borrowings

 

30.5

 

2.26

 

 

 

Other Liabilities

 

0.8

 

0.06

Net Assets

$

205.3

$

15.22

 

 

 

13.49 million common shares outstanding.

The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.

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, L.L.C. 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. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

For additional information on these funds, please visit cef.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.

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.

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