Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of January 31, 2022 for TYG, NTG, TTP, NDP and TPZ

OVERLAND PARK, Kan.–(BUSINESS WIRE)–Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ.

Tortoise Energy Infrastructure Corp. (NYSE:TYG) today announced that as of January 31, 2022, the company’s total unaudited assets were approximately $587.1 million and its unaudited net asset value was $437.7 million, or 36 $.69 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior debt securities was 550% and its preference share coverage ratio was 411 %. For more information on the company’s hedge ratios, please refer to the leverage summary webpage at https://cef.tortoiseecofin.com.

Below is a summary of the company’s unaudited balance sheet as of January 31, 2022.

Unaudited balance sheet

(in millions)

Per share

Investments

$583.5

$48.92

Cash and cash equivalents

0.2

0.01

other assets

3.4

0.29

Total assets

587.1

49.22

Short-term loans

19.4

1.63

Senior Notes

85.8

7.20

Favorite stock

35.7

2.99

Total leverage

140.9

11.82

Other liabilities

1.8

0.15

Current tax liability

6.7

0.56

Net assets

$437.7

$36.69

11.93 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of January 31, 2022, the company’s total unaudited assets were approximately $295.2 million and its unaudited net asset value was $229.9 million, or $40 $.74 per share.

As of January 31, 2022, the coverage ratio of the company’s assets under the law of 1940 in first rank debt securities was 683% and its coverage ratio in preferred shares was 467%. For more information on the company’s hedge ratios, please refer to the leverage summary webpage at https://cef.tortoiseecofin.com.

Below is a summary of the company’s unaudited balance sheet as of January 31, 2022.

Unaudited balance sheet

(in millions)

Per share

Investments

$292.8

$51.89

Cash and cash equivalents

0.3

0.05

other assets

2.1

0.37

Total assets

295.2

52.31

Short-term loans

10.7

1.90

Senior Notes

32.2

5.70

Favorite stock

19.7

3.49

Total leverage

62.6

11.09

Other responsibility

0.9

0.15

Current tax liability

1.8

0.33

Net assets

$229.9

$40.74

5.64 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of January 31, 2022, the company’s total unaudited assets were approximately $89.8 million and its unaudited net asset value was $69.8 million, or 31 $.32 per share.

As of January 31, 2022, the coverage ratio of the company’s assets under the law of 1940 in first rank debt securities was 660% and its coverage ratio in preferred shares was 455%. For more information on the company’s hedge ratios, please refer to the leverage summary webpage at https://cef.tortoiseecofin.com.

Below is a summary of the company’s unaudited balance sheet as of January 31, 2022.

Unaudited balance sheet

(in millions)

Per share

Investments

$88.7

$39.80

Cash and cash equivalents

0.3

0.14

other assets

0.8

0.37

Total assets

89.8

40.31

Short-term loans

9.6

4.31

Senior Notes

3.9

1.77

Favorite stock

6.1

2.74

Total leverage

19.6

8.82

Other liabilities

0.4

0.17

Net assets

$69.8

$31.32

2.23 million common shares currently outstanding.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of January 31, 2022, the company’s total unaudited assets were approximately $57.1 million and its unaudited net asset value was $54.5 million, or 29 $.52 per share.

As of January 31, 2022, the coverage ratio of the company’s assets under the law of 1940 in respect of first-ranking securities representing indebtedness was 2,371%. For more information on the company’s hedge ratios, please refer to the leverage summary webpage at https://cef.tortoiseecofin.com.

Below is a summary of the company’s unaudited balance sheet as of January 31, 2022.

Unaudited balance sheet

(in millions)

Per share

Investments

$56.6

$30.66

Cash and cash equivalents

0.4

0.20

other assets

0.1

0.09

Total assets

57.1

30.95

Loans under the credit facility

2.4

1h30

Other liabilities

0.2

0.13

Net assets

$54.5

$29.52

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of January 31, 2022, the company’s total unaudited assets were approximately $127.9 million and its unaudited net asset value was $103.5 million, or 15 $.86 per share.

As of January 31, 2022, the coverage ratio of the company’s assets under the 1940 law in respect of first-ranking securities representing indebtedness was 531%. For more information on the company’s hedge ratios, please refer to the leverage summary webpage at https://cef.tortoiseecofin.com.

Below is a summary of the company’s unaudited balance sheet as of January 31, 2022.

Unaudited balance sheet

(in millions)

Per share

Investments

$126.6

$19.40

Cash and cash equivalents

0.2

0.03

other assets

1.1

0.17

Total assets

127.9

7:60 p.m.

Loans under the credit facility

24.0

3.68

Other liabilities

0.4

0.06

Net assets

$103.5

$15.86

6.53 million common shares currently outstanding.

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

About the turtle

Tortoise focuses on energy and electricity infrastructure and the transition to cleaner energy. Tortoise’s strong track record of energy value chain investment experience and research dates back over 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well positioned to be at the forefront of the ongoing global energy evolution. With a consistent winning approach and long-term perspective, Tortoise strives to have a positive impact on customers and communities. To learn more, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, LLC is the advisor 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 more information on these funds, please visit cef.tortoiseecofin.com.

Safe Harbor Statement

This press release does not constitute an offer to sell or a solicitation to buy, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful 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 statements, 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 involve assumptions, risks and uncertainties, and such expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including those discussed in the fund’s reports 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 Tortoise Capital Advisors assume no obligation to update this forward-looking statement.

Sallie R. Loera