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LEAWOOD, KS / ACCESSWIRE / July 1, 2021 / 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) today announced that as of June 30, 2021, the company’s total unaudited assets were approximately $ 601.1 million and its unaudited net asset value was $ 433.4 million, or $ 36.33 $ per share.
As of June 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 488% and its preferred stock coverage ratio was 384%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 545.0 | $ | 45.69 | ||||
|
Cash and cash equivalents |
0.6 | 0.05 | ||||||
|
Investments receivable |
2.0 | 0.17 | ||||||
|
Receivable for investments sold |
0.2 | 0.02 | ||||||
|
Current tax asset |
52.1 | 4.36 | ||||||
|
other assets |
1.2 | 0.11 | ||||||
|
Total assets |
601.1 | 50.40 | ||||||
|
Short-term loans |
36.2 | 3.04 | ||||||
|
Senior Notes |
83.9 | 7.03 | ||||||
|
Preferred stock |
32.3 | 2.71 | ||||||
|
Total leverage |
152.4 | 12.78 | ||||||
|
Other liabilities |
2.7 | 0.23 | ||||||
|
Current tax liability |
12.6 | 1.06 | ||||||
|
Net assets |
$ | 433.4 | $ | 36.33 | ||||
11.93 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) announced today that as of June 30, 2021, the company’s total unaudited assets were approximately $ 299.9 million and its unaudited net asset value was $ 220.3 million, or 39.05 dollars per share.
As of June 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 488%, and its preferred stock coverage ratio was 405%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 297.7 | $ | 52.76 | ||||
|
Cash and cash equivalents |
0.4 | 0.07 | ||||||
|
Investments receivable |
1.1 | 0.20 | ||||||
|
Receivable for investments sold |
0.1 | 0.01 | ||||||
|
other assets |
0.6 | 0.11 | ||||||
|
Total assets |
299.9 | 53.15 | ||||||
|
Short-term loans |
52.8 | 9.36 | ||||||
|
Senior Notes |
7.2 | 1.27 | ||||||
|
Preferred stock |
12.2 | 2.17 | ||||||
|
Total leverage |
72.2 | 12.80 | ||||||
|
Other responsibility |
1.3 | 0.23 | ||||||
|
Current tax liability |
6.1 | 1.07 | ||||||
|
Net assets |
$ | 220.3 | $ | 39.05 | ||||
5.64 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) announced today that as of June 30, 2021, the company’s total unaudited assets were approximately $ 89.5 million and its unaudited net asset value was $ 68.2 million, or 30.13 dollars per share.
As of June 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act of 1940 was 614%, and its preferred stock coverage ratio was 432%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 87.3 | $ | 38.56 | ||||
|
Cash and cash equivalents |
1.6 | 0.72 | ||||||
|
Investments receivable |
0.2 | 0.07 | ||||||
|
Receivable for investments sold |
0.0 | 0.01 | ||||||
|
other assets |
0.4 | 0.18 | ||||||
|
Total assets |
89.5 | 39.54 | ||||||
|
Senior Notes |
14.5 | 6.39 | ||||||
|
Preferred stock |
6.1 | 2.69 | ||||||
|
Total leverage |
20.6 | 9.08 | ||||||
|
Other liabilities |
0.7 | 0.33 | ||||||
|
Net assets |
$ | 68.2 | $ | 30.13 | ||||
2.26 million common shares currently outstanding.
TTP completed approximately $ 4.2 million in share repurchases under the publicly announced repurchase plan, allowing up to $ 5.0 million through August 31, 2021. As part of the program, TTP has repurchased 242,401 common shares at an average price of $ 17.335 and an average discount to ANR of 21.1%.
Tortoise Energy Independence Fund, Inc. (NYSE: NPD) today announced that as of June 30, 2021, the company’s total unaudited assets were approximately $ 47.9 million and its unaudited net asset value was $ 44.6 million, or 24.17 dollars per share.
As of June 30, 2021, the Company’s asset coverage ratio under the Senior Debt Securities Act 1940 was 1,587%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 47.6 | $ | 25.78 | ||||
|
Cash and cash equivalents |
0.2 | 0.09 | ||||||
|
Investments receivable |
0.1 | 0.05 | ||||||
|
Receivable for investments sold |
0.0 | 0.01 | ||||||
|
other assets |
0.0 | 0.03 | ||||||
|
Total assets |
47.9 | 25.96 | ||||||
|
Credit facility borrowings |
3.0 | 1.62 | ||||||
|
Other liabilities |
0.3 | 0.17 | ||||||
|
Net assets |
$ | 44.6 | $ | 24.17 | ||||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 30, 2021, the company’s total unaudited assets were approximately $ 130.5 million and its unaudited net asset value was $ 105.6 million, or 16.05 $ per share.
As of June 30, 2021, the Company’s asset coverage ratio under the 1940 Senior Debt Securities Act was 533%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 128.9 | $ | 19.61 | ||||
|
Cash and cash equivalents |
0.2 | 0.02 | ||||||
|
Receivable for investments sold |
0.3 | 0.04 | ||||||
|
Receivable for investments sold |
0.0 | 0.01 | ||||||
|
other assets |
1.1 | 0.17 | ||||||
|
Total assets |
130.5 | 19.85 | ||||||
|
Credit facility borrowings |
24.4 | 3.71 | ||||||
|
Other liabilities |
0.5 | 0.09 | ||||||
|
Net assets |
$ | 105.6 | $ | 16.05 | ||||
6.57 million common shares currently outstanding.
TPZ completed approximately $ 4.4 million in share repurchases under the publicly announced repurchase plan, allowing up to $ 5.0 million until August 31, 2021. Under this program, TPZ repurchased 377,280 common shares at an average price of $ 11.569 and an average discount to ANR of 19.2%
Sustainable Ecofin and Social impact term funds (NYSE: TEAF) today announced that as of June 30, 2021, the company’s total unaudited assets were approximately $ 260.1 million and its unaudited net asset value was $ 227.4 million, or 16.86 $ per share.
As of June 30, 2021, the Company’s asset coverage ratio under the 1940 Senior Debt Securities Act was 836%. For more information on the company’s coverage ratios, please refer to the Leverage Summary webpage at https://cef.tortoseecofin.com.
Below is a summary of the company’s unaudited balance sheet as at June 30, 2021.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 255.6 | $ | 18.95 | ||||
|
Cash and cash equivalents |
0.4 | 0.03 | ||||||
|
Investments receivable |
0.6 | 0.05 | ||||||
|
Receivable for investments sold |
0.1 | 0.00 | ||||||
|
other assets |
3.4 | 0.25 | ||||||
|
Total assets |
260.1 | 19.28 | ||||||
|
Credit facility borrowings |
30.9 | 2.29 | ||||||
|
Other liabilities |
1.8 | 0.13 | ||||||
|
Net assets |
$ | 227.4 | $ | 16.86 | ||||
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.tortoseecofin.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 1990s. ‘information, please visit www.TortueEcofin.com.
Tortoise Capital Advisors, LLC (also dba TCA Advisors) (“TCAâ€) 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 Tortoise Essential Assets Income 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.
Contact information
For more information, contact Maggie Zastrow at (913) 981-1020 or
[email protected]
SOURCE: TurtleEcofin
See the source version on accesswire.com:
https://www.accesswire.com/654005/TortoiseEcofin-Provides-Unaudited-Balance-Sheet-Information-and-Asset-Coverage-Ratio-Updates-as-of-June-30-2021-for-TYG-NTG- TTP-NDP-TPZ-et-TEAF
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