OVERLAND PARK, KS / ACCESSWIRE / September 3, 2024 / Tortoise Capital today announced the following unaudited balance sheet information and asset coverage ratio updates for closed-end funds TYG, NTG, TTP, NDP and TPZ.
Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of Aug. 30, 2024, the company's unaudited total assets were approximately $583.9 million and its unaudited net asset value was $460.9 million, or $42.82 per share.
As of Aug. 30, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 682%, and its coverage ratio for preferred shares was 481%. 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 Aug. 30, 2024.
Unaudited balance sheet
| | | (in Millions) | | | Per Share | |
| Investments | | $ | 582.1 | | | $ | 52.07 | |
| Cash and Cash Equivalents | | | 0.4 | | | | 0.04 | |
| Current Tax Asset | | | 0.4 | | | | 0.03 | |
| Other Assets | | | 1.0 | | | | 0.09 | |
| Total Assets | | | 583.9 | | | | 54.23 | |
| | | | | | | | | |
| Short-Term Borrowings | | | 35.0 | | | | 3.25 | |
| Senior Notes | | | 50.3 | | | | 4.67 | |
| Preferred Stock | | | 35.7 | | | | 3.31 | |
| Total Leverage | | | 121.0 | | | | 11.23 | |
| | | | | | | | | |
| Other Liabilities | | | 2.0 | | | | 0.18 | |
| Net Assets | | $ | 460.9 | | | $ | 42.82 | |
10.76 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) today announced that as of Aug. 30, 2024, the company's unaudited total assets were approximately $330.5 million and its unaudited net asset value was $270.9 million, or $53.19 per share.
As of Aug. 30, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 736%, and its coverage ratio for preferred shares was 563%. 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 Aug. 30, 2024.
Unaudited balance sheet
| | | (in Millions) | | | Per Share | |
| Investments | | $ | 328.9 | | | $ | 64.57 | |
| Cash and Cash Equivalents | | | 0.5 | | | | 0.09 | |
| Current Tax Asset | | | 0.2 | | | | 0.05 | |
| Other Assets | | | 0.9 | | | | 0.17 | |
| Total Assets | | | 330.5 | | | | 64.88 | |
| | | | | | | | | |
| Short-Term Borrowings | | | 15.6 | | | | 3.06 | |
| Senior Notes | | | 29.2 | | | | 5.73 | |
| Preferred Stock | | | 13.8 | | | | 2.70 | |
| Total Leverage | | | 58.6 | | | | 11.48 | |
| | | | | | | | | |
| Other Liability | | | 1.0 | | | | 0.20 | |
| Net Assets | | $ | 270.9 | | | $ | 53.19 | |
5.09 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) today announced that as of Aug. 30, 2024, the company's unaudited total assets were approximately $105.0 million and its unaudited net asset value was $87.5 million, or $43.50 per share.
As of Aug. 30, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 955%, and its coverage ratio for preferred shares was 613%. 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 Aug. 30, 2024.
Unaudited balance sheet
| | | (in Millions) | | | Per Share | |
| Investments | | $ | 104.2 | | | $ | 51.85 | |
| Cash and Cash Equivalents | | | 0.3 | | | | 0.14 | |
| Other Assets | | | 0.4 | | | | 0.21 | |
| Total Assets | | | 104.9 | | | | 52.20 | |
| | | | | | | | | |
| Short-Term Borrowings | | | 7.0 | | | | 3.48 | |
| Senior Notes | | | 3.9 | | | | 1.96 | |
| Preferred Stock | | | 6.1 | | | | 3.03 | |
| Total Leverage | | | 17.0 | | | | 8.47 | |
| | | | | | | | | |
| Other Liabilities | | | 0.5 | | | | 0.23 | |
| Net Assets | | $ | 87.5 | | | $ | 43.50 | |
2.01 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc. (NYSE:NDP) today announced that as of Aug. 30, 2024, the company's unaudited total assets were approximately $77.7 million and its unaudited net asset value was $66.5 million, or $39.90 per share.
As of Aug. 30, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 710%. 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 Aug. 30, 2024.
Unaudited balance sheet
| | | (in Millions) | | | Per Share | |
| Investments | | $ | 76.9 | | | $ | 46.18 | |
| Cash and Cash Equivalents | | | 0.4 | | | | 0.22 | |
| Other Assets | | | 0.4 | | | | 0.21 | |
| Total Assets | | | 77.7 | | | | 46.61 | |
| | | | | | | | | |
| Credit Facility Borrowings | | | 10.9 | | | | 6.54 | |
| | | | | | | | | |
| Other Liabilities | | | 0.3 | | | | 0.17 | |
| Net Assets | | $ | 66.5 | | | $ | 39.90 | |
1.67 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) today announced that as of Aug. 30, 2024, the company's unaudited total assets were approximately $135.3 million and its unaudited net asset value was $110.4 million, or $18.75 per share.
As of Aug. 30, 2024, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 551%. 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 Aug. 30, 2024.
Unaudited balance sheet
| | | (in Millions) | | | Per Share | |
| Investments | | $ | 134.1 | | | $ | 22.77 | |
| Cash and Cash Equivalents | | | 0.3 | | | | 0.05 | |
| Other Assets | | | 0.9 | | | | 0.16 | |
| Total Assets | | | 135.3 | | | | 22.98 | |
| | | | | | | | | |
| Credit Facility Borrowings | | | 24.5 | | | | 4.16 | |
| | | | | | | | | |
| Other Liabilities | | | 0.4 | | | | 0.07 | |
| Net Assets | | $ | 110.40 | | | $ | 18.75 | |
5.89 million common shares currently outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent month-end can be found on each fund's portfolio web page at https://cef.tortoiseadvisors.com.
About Tortoise Capital
With approximately $8 billion in assets under management as of July 31, 2024, Tortoise Capital's record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered fund manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors-from production to transportation to distribution. For more information about Tortoise Capital, visit www.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. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, please visit cef.tortoiseadvisors.com.
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.
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.
Media Contacts
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
SOURCE: Tortoise
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