TortoiseEcofin provides unaudited balance sheet information and asset coverage ratio updates as of September 30, 2021 for TYG, NTG, TTP, NDP, TPZ and TEAF

0

OVERLAND PARK, Kan., October 01, 2021– (BUSINESS WIRE) – TortoiseEcofin 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) announced today that as of September 30, 2021, the company’s total unaudited assets were approximately $ 565.7 million and its unaudited net asset value was $ 410.3 million, or 34.40 dollars per share.

As of September 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 508% and its preferred stock coverage ratio was 392%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 511.3

$ 42.87

Cash and cash equivalents

1.1

0.09

Income tax receivable

52.1

4.36

other assets

1.2

0.11

Total assets

565.7

47.43

Short-term loans

24.5

2.06

Senior Notes

83.9

7.03

Preferred stock

32.3

2.71

Total leverage

140.7

11.80

Other liabilities

3.2

0.27

Current tax liability

11.5

0.96

Net assets

$ 410.3

$ 34.40

11.93 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of September 30, 2021, the company’s total unaudited assets were approximately $ 274.2 million and its unaudited net asset value was $ 209.8 million, or $ 37.18 dollars per share.

As of September 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 540% and its preferred stock coverage ratio was 435%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 273.2

$ 48.42

Cash and cash equivalents

0.4

0.07

other assets

0.6

0.10

Total assets

274.2

48.59

Short-term loans

43.3

7.67

Senior Notes

7.2

1.27

Preferred stock

12.2

2.17

Total leverage

62.7

11.11

Other responsibility

1.3

0.23

Current tax liability

0.4

0.07

Net assets

$ 209.8

$ 37.18

5.64 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) announced today that as of September 30, 2021, the company’s total unaudited assets were approximately $ 85.7 million and its unaudited net asset value was $ 64.5 million, or 28.97 dollars per share.

As of September 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 589% and its preferred stock coverage ratio was 414%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 83.6

$ 37.51

Cash and cash equivalents

1.8

0.82

other assets

0.3

0.15

Total assets

85.7

38.48

Senior Notes

14.5

6.49

Preferred stock

6.1

2.74

Total leverage

20.6

9.23

Other liabilities

0.6

0.28

Net assets

$ 64.5

$ 28.97

2.23 million common shares currently outstanding.

TTP completed its share repurchases under the publicly announced repurchase plan allowing up to $ 5.0 million until August 31, 2021. Under this program, TTP repurchased 276,331 common shares from a average price of $ 18,078 and an average discount to NAV of 20.7%.

Tortoise Energy Independence Fund, Inc. (NYSE: NPD) announced today that as of September 30, 2021, the company’s total unaudited assets were approximately $ 48.5 million and its unaudited net asset value was $ 45.1 million, or 24.44 $ per share.

As of September 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act 1940 was 1,555%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 48.0

$ 25.99

Cash and cash equivalents

0.4

0.23

other assets

0.1

0.06

Total assets

48.5

26.28

Credit facility borrowings

3.1

1.68

Other liabilities

0.3

0.16

Net assets

$ 45.1

$ 24.44

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of September 30, 2021, the company’s total unaudited assets were approximately $ 125.9 million and its unaudited net asset value was $ 101.3 million, or 15.53 $ per share.

As of September 30, 2021, the Company’s asset coverage ratio under the 1940 Senior Debt Securities Act was 522%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 124.1

$ 19.01

Cash and cash equivalents

0.9

0.14

other assets

0.9

0.13

Total assets

125.9

19.28

Credit facility borrowings

24.0

3.68

Other liabilities

0.6

0.07

Net assets

$ 101.3

$ 15.43

6.53 million common shares currently outstanding.

TPZ completed its share repurchases under the publicly announced repurchase plan allowing up to $ 5.0 million until August 31, 2021. Under this program, TPZ repurchased 424,834 ordinary shares from a average price of $ 11.749 and an average discount to NAV of 18.7%.

Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) announced today that as of September 30, 2021, the company’s total unaudited assets were approximately $ 259.4 million and its unaudited net asset value was $ 231.9 million, or 17.19 $ per share.

As of September 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act 1940 was 1,039%. For more information on the company’s coverage ratios, please refer to the Leverage Summary web page at https://cef.tortoseecofin.com.

Below is a summary of the company’s unaudited balance sheet as at September 30, 2021.

Unaudited balance sheet

(in millions)

Per share

Investments

$ 254.1

$ 18.84

Cash and cash equivalents

0.7

0.05

other assets

4.6

0.33

Total assets

259.4

19.22

Credit facility borrowings

24.7

1.83

Other liabilities

2.8

0.20

Net assets

$ 231.9

$ 17.19

13.49 million common shares outstanding.

The top 10 holdings of TYG, NTG, TTP, NDP, TPZ and TEAF at the end of the most recent month are available on each fund’s portfolio webpage at https://cef.tortoiseecofin.com.

About TortueEcofin

TortoiseEcofin focuses on core assets – those assets and services that are essential to the economy and society. We strive to have a positive impact on customers and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and people’s lives. elderly. TortoiseEcofin brings together the strong legacies of Tortoise, with investment expertise across the entire energy value chain for over 20 years, and Ecofin, which unites ecology and finance and dates back to the early 90s. for information, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, LLC (also dba TCA Advisors) (“TCA”) is the advisor 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 Ecofin Sustainable and Social Impact Term Fund. Ecofin Advisors Limited is a sub-advisor of Ecofin Sustainable and Social Impact Term Fund.

For more information on these funds, please visit cef.tortoseecofin.com.

Safe Harbor Declaration

This press release does not constitute an offer to sell or a solicitation to buy, and there will be no sale of such securities in any state or jurisdiction in which such an offer or solicitation or sale would be illegal prior to registration. or qualification under the laws of such state or jurisdiction.

Caution Regarding Forward-Looking Statements

This press release contains certain statements which 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 fact historical statements included in this document are “forward-looking statements”. Although the funds and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and these expectations may prove to be inaccurate. Actual results could differ materially from those anticipated in these forward-looking statements due to various factors, including those discussed in the fund’s reports which 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. Except as required by law, the funds and TCA assume no obligation to update this forward-looking statement.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211001005743/en/

Contacts

Maggie Zastrow, (913) 981-1020
[email protected]


Source link

Leave A Reply

Your email address will not be published.