Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of June 30, 2020 for TYG, NTG, TTP, NDP, TPZ and TEAF
Tortoise invests in essential assets those assets and services that are indispensable to the economy and society.
Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF. Additionally, a recently published Q&A to help investors understand closed-end funds and taxes is available here.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $467.0 million and its unaudited net asset value was $296.4 million, or $22.23 per share.
As of June 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 454 percent, and its coverage ratio for preferred shares was 337 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
372.5 |
$ |
27.94 |
||
|
Cash and Cash Equivalents |
|
49.1 |
|
3.69 |
||
|
Receivable for Investments Sold |
|
0.4 |
|
0.03 |
||
|
Deferred Tax Asset |
|
42.3 |
|
3.17 |
||
|
Other Assets |
|
2.7 |
|
0.20 |
||
|
Total Assets |
|
467.0 |
|
35.03 |
||
|
|
|
|
||||
|
Senior Notes |
|
92.8 |
|
6.96 |
||
|
Preferred Stock |
|
32.3 |
|
2.42 |
||
|
Total Leverage |
|
125.1 |
|
9.38 |
||
|
|
|
|
||||
|
Payable for Investments Purchased |
|
0.4 |
|
0.03 |
||
|
Other Liabilities |
|
2.2 |
|
0.17 |
||
|
Current Tax Liability |
|
42.9 |
|
3.22 |
||
|
Net Assets |
$ |
296.4 |
$ |
22.23 |
||
13.33 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $226.2 million and its unaudited net asset value was $146.0 million, or $23.10 per share.
As of June 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 515 percent, and its coverage ratio for preferred shares was 387 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
206.7 |
$ |
32.70 |
||
|
Cash and Cash Equivalents |
|
17.9 |
|
2.83 |
||
|
Receivable for Investments Sold |
|
0.2 |
|
0.03 |
||
|
Other Assets |
|
1.4 |
|
0.23 |
||
|
Total Assets |
|
226.2 |
|
35.79 |
||
|
|
|
|
||||
|
Senior Notes |
|
38.2 |
|
6.04 |
||
|
Preferred Stock |
|
12.7 |
|
2.01 |
||
|
Total Leverage |
|
50.9 |
|
8.05 |
||
|
|
|
|
||||
|
Payable for Investments Purchased |
|
0.2 |
|
0.03 |
||
|
Other Liabilities |
|
1.2 |
|
0.20 |
||
|
Current Tax Liability |
|
27.9 |
|
4.41 |
||
|
Net Assets |
$ |
146.0 |
$ |
23.10 |
||
6.32 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $72.1 million and its unaudited net asset value was $47.1 million, or $18.81 per share.
As of June 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 389 percent, and its coverage ratio for preferred shares was 292 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
62.8 |
$ |
25.06 |
||
|
Cash and Cash Equivalents |
|
8.9 |
|
3.57 |
||
|
Other Assets |
|
0.4 |
|
0.18 |
||
|
Total Assets |
|
72.1 |
|
28.81 |
||
|
|
|
|
||||
|
Senior Notes |
|
18.4 |
|
7.35 |
||
|
Preferred Stock |
|
6.1 |
|
2.44 |
||
|
Total Leverage |
|
24.5 |
|
9.79 |
||
|
|
|
|
||||
|
Other Liabilities |
|
0.5 |
|
0.21 |
||
|
Net Assets |
$ |
47.1 |
$ |
18.81 |
||
2.50 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $33.0 million and its unaudited net asset value was $28.6 million, or $15.50 per share.
As of June 30, 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
32.5 |
$ |
17.57 |
||
|
Cash and Cash Equivalents |
|
0.4 |
|
0.23 |
||
|
Other Assets |
|
0.1 |
|
0.06 |
||
|
Total Assets |
|
33.0 |
|
17.86 |
||
|
Credit Facility Borrowings |
|
4.1 |
|
2.22 |
||
|
Other Liabilities |
|
0.3 |
|
0.14 |
||
|
Net Assets |
$ |
28.6 |
$ |
15.50 |
||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $108.3 million and its unaudited net asset value was $82.8 million, or $11.91 per share.
As of June 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 432 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
106.5 |
$ |
15.32 |
||
|
Cash and Cash Equivalents |
|
0.4 |
|
0.06 |
||
|
Other Assets |
|
1.4 |
|
0.20 |
||
|
Total Assets |
|
108.3 |
|
15.58 |
||
|
|
|
|
||||
|
Credit Facility Borrowings |
|
24.9 |
|
3.58 |
||
|
|
|
|
||||
|
Other Liabilities |
|
0.6 |
|
0.09 |
||
|
Net Assets |
$ |
82.8 |
$ |
11.91 |
||
6.95 million common shares currently outstanding.
Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of June 30, 2020, the company’s unaudited total assets were approximately $236.4 million and its unaudited net asset value was $198.8 million, or $14.73 per share.
As of June 30, 2020, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 642 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 June 30, 2020.
Unaudited balance sheet
|
|
(in Millions) |
Per Share |
||||
|
Investments |
$ |
228.6 |
$ |
16.95 |
||
|
Cash and Cash Equivalents |
|
2.8 |
|
0.21 |
||
|
Receivable for Investments Sold |
|
2.3 |
|
0.17 |
||
|
Other Assets |
|
2.7 |
|
0.20 |
||
|
Total Assets |
|
236.4 |
|
17.53 |
||
|
|
|
|
||||
|
Credit Facility Borrowings |
|
36.7 |
|
2.72 |
||
|
|
|
|
||||
|
Other Liabilities |
|
0.9 |
|
0.08 |
||
|
Net Assets |
$ |
198.8 |
$ |
14.73 |
||
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. Tortoise Advisors UK Limited is a subadvisor 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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