TEAF Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of October 31, 2022

Rhea-AI Summary

Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) released its unaudited balance sheet as of October 31, 2022, showing total assets of approximately $242.2 million and a net asset value of $211.9 million, equating to $15.70 per share. The asset coverage ratio stood at 811%, indicating strong coverage of senior debt obligations. Key figures include investments totaling $238.6 million and credit facility borrowings of $29.8 million. TEAF continues to report on its direct investments and impact statistics, with an aim to reach 60% direct investments. Further updates and quarterly commentary are available on their website.

Positive

• Total assets of approximately $242.2 million, signaling financial stability.
• Net asset value at $211.9 million or $15.70 per share, indicating a solid valuation.
• Asset coverage ratio at 811%, reflecting strong ability to meet debt obligations.
• Investments totaling $238.6 million demonstrate a substantial portfolio.

Negative

• Credit facility borrowings of $29.8 million may indicate reliance on debt financing.

OVERLAND PARK, KS / ACCESSWIRE / November 1, 2022 / The following unaudited balance sheet information and asset coverage ratio update is provided for Ecofin Sustainable and Social Impact Term Fund (NYSE:TEAF).

As of October 31, 2022, the company's unaudited total assets were approximately $242.2 million and its unaudited net asset value was $211.9 million, or $15.70 per share.

As of October 31, 2022, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 811%. For more information on the company's coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company's unaudited balance sheet at October 31, 2022.

Unaudited balance sheet

	(in Millions)	Per Share
Investments	$ 238.6	$ 17.69
Cash and Cash Equivalents	0.4	0.03
Other Assets	3.2	0.23
Total Assets	242.2	17.95
Credit Facility Borrowings	29.8	2.21
Other Liabilities	0.5	0.04
Net Assets	$211.9	$15.70

13.49 million common shares outstanding.

The top 10 holdings for TEAF as of the most recent month-end can be found on the fund's portfolio web page at cef.ecofininvest.com/funds/teaf.

TEAF also provides update on direct investments, impact statistics and publishes quarterly commentary

TEAF provides an update on the fund's direct investments, portfolio asset allocation and structure types on the company website at https://cef.ecofininvest.com/funds/teaf/#portfolio. Details on each private deal that has taken place over the prior month will be published on the website here https://cef.ecofininvest.com/funds/teaf/#deal-summaries-list. The list includes all deals completed since the fund's inception through September 30, 2022. Updates will continue to be posted on a monthly basis if there was a deal during the prior month until the fund reaches its target of 60% direct investments.

In addition, TEAF's commentary has been published for the third calendar quarter of 2022. The commentary piece highlights fund performance of the public and direct investments in the essential asset sectors in which the fund invests. A copy of the commentary piece is available on the company website https://cef.ecofininvest.com/funds/teaf/#literature.

TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund's sub-adviser.

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA 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 fund and TCA do not assume a duty to update this forward-looking statement.

Contact Information

For additional information on this fund, please visit cef.ecofininvest.com or contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com.

SOURCE: Ecofin

View source version on accesswire.com:
https://www.accesswire.com/723431/TEAF-Provides-Unaudited-Balance-Sheet-Information-and-Asset-Coverage-Ratio-Updates-as-of-October-31-2022

FAQ

What is the current net asset value per share for TEAF?

As of October 31, 2022, the net asset value per share for TEAF is $15.70.

What are the total assets reported by TEAF?

TEAF reported total assets of approximately $242.2 million as of October 31, 2022.

What is TEAF's asset coverage ratio?

TEAF's asset coverage ratio is 811%, indicating strong coverage for its senior securities.

How much does TEAF have in credit facility borrowings?

TEAF has credit facility borrowings totaling $29.8 million.

What is the total number of common shares outstanding for TEAF?

TEAF has 13.49 million common shares outstanding.