Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of September 30, 2020 for TYG, NTG, TTP, NDP, TPZ and TEAF

Rhea-AI Summary

Tortoise Energy Infrastructure Corp. (NYSE: TYG) reported its unaudited balance sheet for September 30, 2020, showing total assets of approximately $409.5 million and a net asset value of $254.5 million or $19.83 per share. The asset coverage ratio for senior securities was 426%, while for preferred shares it was 312%. The company completed around $8.8 million in share repurchases at an average price of $16.174, with 12.84 million shares outstanding. Other funds reported similar metrics, reflecting a robust asset coverage ratio across the board.

Positive

• Total assets increased to approximately $409.5 million.
• Net asset value reported at $254.5 million, equating to $19.83 per share.
• Strong asset coverage ratio of 426% for senior securities.
• Completed approximately $8.8 million in share repurchases at an average discount of 25.8%.

Negative

• None.

LEAWOOD, KS--(BUSINESS WIRE)--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 September 30, 2020, the company’s unaudited total assets were approximately $409.5 million and its unaudited net asset value was $254.5 million, or $19.83 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 426 percent, and its coverage ratio for preferred shares was 312 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$335.8		$26.16
Cash and Cash Equivalents	19.0		1.48
Income Tax Receivable	52.1		4.05
Other Assets	2.6		0.21
Total Assets	409.5		31.90
Senior Notes	87.9		6.85
Preferred Stock	32.3		2.52
Total Leverage	120.2		9.37
Other Liabilities	2.7		0.20
Current Tax Liability	32.1		2.50
Net Assets	$ 254.5		$ 19.83

12.84 million common shares currently outstanding.

TYG has completed approximately $8.8 million of share repurchases under the publicly announced repurchase plan allowing up to $25.0 million through December 31, 2020. Under the program, TYG has repurchased 542,185 shares of its common stock at an average price of $16.174 and an average discount to NAV of 25.8%.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $193.8 million and its unaudited net asset value was $120.9 million, or $19.78 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 450 percent, and its coverage ratio for preferred shares was 338 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$187.7		$ 30.72
Cash and Cash Equivalents	4.7		0.77
Other Assets	1.4		0.22
Total Assets	193.8		31.71
Senior Notes	38.2		6.25
Preferred Stock	12.7		2.08
Total Leverage	50.9		8.33
Other Liabilities	1.3		0.22
Current Tax Liability	20.7		3.38
Net Assets	$ 120.9		$ 19.78

6.11 million common shares currently outstanding.

NTG has completed approximately $3.7 million of share repurchases under the publicly announced repurchase plan allowing up to $12.5 million through December 31, 2020. Under the program, NTG has repurchased 222,683 shares of its common stock at an average price of $16.459 and an average discount to NAV of 25.2%.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $65.1 million and its unaudited net asset value was $40.0 million, or $16.39 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 350 percent, and its coverage ratio for preferred shares was 263 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$58.0		$ 23.80
Cash and Cash Equivalents	6.6		2.70
Other Assets	0.5		0.19
Total Assets	65.1		26.69
Senior Notes	18.4		7.54
Preferred Stock	6.1		2.50
Total Leverage	24.5		10.04
Other Liabilities	0.6		0.26
Net Assets	$40.0		$ 16.39

2.44 million common shares currently outstanding.

TTP has completed approximately $0.9 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through December 31, 2020. Under the program, TTP has repurchased 65,155 shares of its common stock at an average price of $13.799 and an average discount to NAV of 25.6%.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $30.2 million and its unaudited net asset value was $25.2 million, or $13.65 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 636 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$ 29.8		$ 16.15
Cash and Cash Equivalents	0.2		0.13
Other Assets	0.2		0.06
Total Assets	30.2		16.34
Credit Facility Borrowings	4.7		2.55
Other Liabilities	0.3		0.14
Net Assets	$ 25.2		$ 13.65

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $106.3 million and its unaudited net asset value was $80.4 million, or $11.56 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 418 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$ 104.8		$ 15.08
Cash and Cash Equivalents	0.4		0.06
Other Assets	1.1		0.16
Total Assets	106.3		15.30
Credit Facility Borrowings	25.3		3.64
Other Liabilities	0.6		0.10
Net Assets	$ 80.4		$ 11.56

6.95 million common shares currently outstanding.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of September 30, 2020, the company’s unaudited total assets were approximately $227.3 million and its unaudited net asset value was $198.2 million, or $14.69 per share.

As of September 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 815 percent. 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 September 30, 2020.

Unaudited balance sheet

	(in Millions)		Per Share
Investments	$221.6		$16.43
Cash and Cash Equivalents	2.3		0.17
Other Assets	3.4		0.25
Total Assets	227.3		16.85
Credit Facility Borrowings	27.7		2.05
Other Liabilities	1.4		0.11
Net Assets	$198.2		$14.69

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.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise is well-positioned to be at the forefront of the global energy evolution that is underway. 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 www.TortoiseEcofin.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.tortoiseecofin.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.