LEAWOOD, KS / ACCESSWIRE / May 3, 2021 / 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 April 30, 2021, the company's unaudited total assets were approximately $569.3 million and its unaudited net asset value was $389.6 million, or $32.66 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 419 percent, and its coverage ratio for preferred shares was 336 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 512.4 | $ | 42.95 | ||||
| Income Tax Receivable | 52.1 | 4.36 | ||||||
| Other Assets | 4.8 | 0.41 | ||||||
| Total Assets | 569.3 | 47.72 | ||||||
| Short-Term Borrowings | 44.5 | 3.73 | ||||||
| Senior Notes | 87.9 | 7.37 | ||||||
| Preferred Stock | 32.3 | 2.71 | ||||||
| Total Leverage | 164.7 | 13.81 | ||||||
| Other Liabilities | 2.5 | 0.20 | ||||||
| Current Tax Liability | 12.5 | 1.05 | ||||||
| Net Assets | $ | 389.6 | $ | 32.66 | ||||
11.93 million common shares currently outstanding.
Tax Liability Update
TYG has concluded its annual review of the K-1's received from the underlying MLP holdings, and as a result, has included an increase to current tax liability of $0.95 per share. TYG had unusually large MLP sales in March 2020, and as a result, incurred significant ordinary gains for the FYE 11/30/20. Ordinary gains are recognized each time MLP units are sold due to depreciation recapture. TYG estimates the tax liability associated with each ordinary gain based on the best available information at that time. With the recent receipt of the 2020 K-1's and the information they provide, TYG has revised its taxable income and expected current tax liability accordingly. The impact of this revision is reflected in NAV as of April 30th.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of April 30, 2021, the company's unaudited total assets were approximately $278.3 million and its unaudited net asset value was $193.6 million, or $34.31 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 414 percent, and its coverage ratio for preferred shares was 349 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 275.2 | $ | 48.77 | ||||
| Other Assets | 3.1 | 0.54 | ||||||
| Total Assets | 278.3 | 49.31 | ||||||
| Short-Term Borrowings | 58.4 | 10.35 | ||||||
| Senior Notes | 7.2 | 1.27 | ||||||
| Preferred Stock | 12.2 | 2.16 | ||||||
| Total Leverage | 77.8 | 13.78 | ||||||
| Other Liability | 0.8 | 0.15 | ||||||
| Current Tax Liability | 6.1 | 1.07 | ||||||
| Net Assets | $ | 193.6 | $ | 34.31 | ||||
5.64 million common shares currently outstanding.
Tax Liability Update
NTG has concluded its annual review of the K-1's received from the underlying MLP holdings, and as a result, has included an increase to current tax liability of $1.27 per share. NTG had unusually large MLP sales in March 2020, and as a result, incurred significant ordinary gains for the FYE 11/30/20. Ordinary gains are recognized each time MLP units are sold due to depreciation recapture. NTG estimates the tax liability associated with each ordinary gain based on best available information at that time. With the recent receipt of the 2020 K-1's and the information they provide, NTG has revised its taxable income and expected current tax liability accordingly. The impact of this revision is reflected in NAV as of April 30th.
Tortoise Pipeline & Energy Fund, Inc. (NYSE:TTP) today announced that as of April 30, 2021, the company's unaudited total assets were approximately $83.6 million and its unaudited net asset value was $62.6 million, or $27.46 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 575 percent, and its coverage ratio for preferred shares was 405 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 82.6 | $ | 36.22 | ||||
| Cash and Cash Equivalents | 0.1 | 0.03 | ||||||
| Other Assets | 0.9 | 0.43 | ||||||
| Total Assets | 83.6 | 36.68 | ||||||
| Senior Notes | 14.5 | 6.34 | ||||||
| Preferred Stock | 6.1 | 2.68 | ||||||
| Total Leverage | 20.6 | 9.02 | ||||||
| Other Liabilities | 0.4 | 0.20 | ||||||
| Net Assets | $ | 62.6 | $ | 27.46 | ||||
2.28 million common shares currently outstanding.
TTP has completed approximately $3.8 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TTP has repurchased 224,671 shares of its common stock at an average price of $16.767 and an average discount to NAV of 21.2%.
Tortoise Energy Independence Fund, Inc. (NYSE:NDP) today announced that as of April 30, 2021, the company's unaudited total assets were approximately $45.2 million and its unaudited net asset value was $40.8 million, or $22.12 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,072 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 44.7 | $ | 24.20 | ||||
| Cash and Cash Equivalents | 0.4 | 0.24 | ||||||
| Other Assets | 0.1 | 0.07 | ||||||
| Total Assets | 45.2 | 24.51 | ||||||
| Credit Facility Borrowings | 4.2 | 2.28 | ||||||
| Other Liabilities | 0.2 | 0.11 | ||||||
| Net Assets | $ | 40.8 | $ | 22.12 | ||||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) today announced that as of April 30, 2021, the company's unaudited total assets were approximately $126.1 million and its unaudited net asset value was $101.7 million, or $15.27 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 524 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 124.3 | $ | 18.67 | ||||
| Cash and Cash Equivalents | 0.4 | 0.05 | ||||||
| Other Assets | 1.4 | 0.21 | ||||||
| Total Assets | 126.1 | 18.93 | ||||||
| Credit Facility Borrowings | 24.0 | 3.60 | ||||||
| Other Liabilities | 0.4 | 0.06 | ||||||
| Net Assets | $ | 101.7 | $ | 15.27 | ||||
6.66 million common shares currently outstanding.
TPZ has completed approximately $3.3 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 293,379 shares of its common stock at an average price of $11.067 and an average discount to NAV of 20.1%
Tortoise Essential Assets Income Term Fund (NYSE:TEAF) today announced that as of April 30, 2021, the company's unaudited total assets were approximately $260.8 million and its unaudited net asset value was $226.3 million, or $16.78 per share.
As of April 30, 2021, the company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 780 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 April 30, 2021.
Unaudited balance sheet
| (in Millions) | Per Share | |||||||
| Investments | $ | 256.6 | $ | 19.02 | ||||
| Cash and Cash Equivalents | 0.7 | 0.05 | ||||||
| Other Assets | 3.5 | 0.27 | ||||||
| Total Assets | 260.8 | 19.34 | ||||||
| Credit Facility Borrowings | 33.3 | 2.47 | ||||||
| Other Liabilities | 1.2 | 0.09 | ||||||
| Net Assets | $ | 226.3 | $ | 16.78 | ||||
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 & power 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 believes it 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.
Contact information
For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com.
SOURCE: Tortoise
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