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


Receive instant alerts when news is published about your stocks. Claim your one week free trial for StreetInsider Premium here.


OVERLAND PARK, KS /ACCESSWIRE / June 1, 2022 / 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 May 31, 2022, the company’s total unaudited assets were approximately $640.5 million and its unaudited net asset value was $492.4 million, or $41 $.28 per share.

As of May 31, 2022, the Company’s 1940 Act asset coverage ratio for senior debt securities was 583% and its preferred share coverage ratio was 440%. . 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 interim balance sheet as of May 31, 2022.

Unaudited balance sheet

(in millions) Per share

Investments

$ 638.1 $ 53.50

Cash and cash equivalents

0.4 0.03

other assets

2.0 0.17

Total assets

640.5 53.70

Short-term loans

23.5 1.97

Senior Notes

85.8 7.20

Favorite stock

35.7 2.99

Total leverage

145.0 12.16

Other liabilities

3.0 0.25

Current tax liability

0.01 0.01

Net assets

$ 492.4 $ 41.28

11.93 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of May 31, 2022, the company’s total unaudited assets were approximately $328.7 million and its unaudited net asset value was $261.0 million, or 46 $.24 per share.

As of May 31, 2022, the Company’s 1940 Act asset coverage ratio for senior debt securities was 702% and its preferred share coverage ratio was 493%. . For more information on the company’s hedge ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Below is a summary of the Company’s unaudited interim balance sheet as of May 31, 2022.

Unaudited balance sheet

(in millions) Per share

Investments

$ 326.4 $ 57.84

Cash and cash equivalents

0.4 0.06

Current tax asset

0.9 0.16

other assets

1.0 0.19

Total assets

328.7 58.25

Short-term loans

14.5 2.57

Senior Notes

32.2 5.70

Favorite stock

19.7 3.49

Total leverage

66.4 11.76

Other responsibility

1.3 0.25

Net assets

$ 261.0 $ 46.24

5.64 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of May 31, 2022, the company’s total unaudited assets were approximately $101.5 million and its unaudited net asset value was $79.5 million, or 35 $.67 per share.

As of May 31, 2022, the Company’s asset coverage ratio under the 1940 Act with respect to senior debt securities was 677% and its preference share coverage ratio was 480%. %. For more information on the company’s hedge ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Below is a summary of the Company’s unaudited interim balance sheet as of May 31, 2022.

Unaudited balance sheet

(in millions) Per share

Investments

$ 100.2 $ 44.99

Cash and cash equivalents

0.4 0.16

other assets

0.9 0.39

Total assets

101.5 45.54

Short-term loans

10.9 4.89

Senior Notes

3.9 1.77

Favorite stock

6.1 2.74

Total leverage

20.9 9:40 a.m.

Other liabilities

1.1 0.47

Net assets

$ 79.5 $ 35.67

2.23 million common shares currently outstanding.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of May 31, 2022, the company’s total unaudited assets were approximately $75.3 million and its unaudited net asset value was $71.4 million, or $38 $.69 per share.

As of May 31, 2022, the coverage ratio of the company’s assets under the 1940 law in respect of first-ranking securities representing indebtedness was 2,084%. For more information on the company’s hedge ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Below is a summary of the Company’s unaudited interim balance sheet as of May 31, 2022.

Unaudited balance sheet

(in millions) Per share

Investments

$ 74.7 $ 40.45

Cash and cash equivalents

0.3 0.17

other assets

0.3 0.17

Total assets

75.3 40.79

Loans under the credit facility

3.6 1.95

Other liabilities

0.3 0.15

Net assets

$ 71.4 $ 38.69

1.85 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of May 31, 2022, the company’s total unaudited assets were approximately $132.9 million and its unaudited net asset value was $106.8 million, or 16 $.36 per share.

As of May 31, 2022, the coverage ratio of the company’s assets under the 1940 law in respect of first-ranking securities representing debt was 517%. For more information on the company’s hedge ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Below is a summary of the Company’s unaudited interim balance sheet as of May 31, 2022.

Unaudited balance sheet

(in millions) Per share

Investments

$ 131.3 $ 20.12

Cash and cash equivalents

0.3 0.05

other assets

1.3 0.20

Total assets

132.9 20.37

Loans under the credit facility

25.6 3.92

Other liabilities

0.5 0.09

Net assets

$ 106.8 $ 16.36

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 more than 20 years. As one of the earliest midstream energy investors, 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 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 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 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. Except as required by law, the funds and Tortoise Capital Advisors assume no obligation to update this forward-looking statement.

Contact information
For more information, contact Jen Ashlock at (913) 981-1020 or [email protected].

THE SOURCE: Tortoise

See the source version on accesswire.com:
https://www.accesswire.com/703656/Tortoise-Provides-Unaudited-Balance-Sheet-Information-and-Asset-Coverage-Ratio-Updates-as-of-May-31-2022-for-TYG-NTG- TTP-NDP-and-TPZ

Sallie R. Loera