2022-07-01 | NYSE:TYG | Press release
OVERLAND PARK, KS /ACCESSWIRE/July 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 June 30, 2022, the company’s total unaudited assets were approximately $576.8 million and its unaudited net asset value was $433.0 million, or 36 $.30 per share.
As of June 30, 2022, the coverage ratio of the company’s assets under the law of 1940 in first rank debt securities was 545% and its coverage ratio in preferred shares was 407%. 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 June 30, 2022.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 574.0 | $ | 48.12 | ||||
|
Cash and cash equivalents |
1.5 | 0.13 | ||||||
|
other assets |
1.3 | 0.11 | ||||||
|
Total assets |
576.8 | 48.36 | ||||||
|
Short-term loans |
19.6 | 1.64 | ||||||
|
Senior Notes |
85.8 | 7.20 | ||||||
|
Favorite stock |
35.7 | 2.99 | ||||||
|
Total leverage |
141.1 | 11.83 | ||||||
|
Other liabilities |
2.6 | 0.22 | ||||||
|
Current tax liability |
0.1 | 0.01 | ||||||
|
Net assets |
$ | 433.0 | $ | 36:30 | ||||
11.93 million common shares currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of June 30, 2022, the company’s total unaudited assets were approximately $288.2 million and its unaudited net asset value was $222.3 million, or 39 $.40 per share.
As of June 30, 2022, the coverage ratio of the company’s assets under the law of 1940 in first rank debt securities was 641% and its coverage ratio in preferred shares was 445%. 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 June 30, 2022.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 285.3 | $ | 50.55 | ||||
|
Cash and cash equivalents |
1.1 | 0.19 | ||||||
|
Current tax asset |
0.9 | 0.16 | ||||||
|
other assets |
0.9 | 0.16 | ||||||
|
Total assets |
288.2 | 51.06 | ||||||
|
Short-term loans |
12.6 | 2.23 | ||||||
|
Senior Notes |
32.2 | 5.70 | ||||||
|
Favorite stock |
19.7 | 3.49 | ||||||
|
Total leverage |
64.5 | 11:42 | ||||||
|
Other responsibility |
1.4 | 0.24 | ||||||
|
Net assets |
$ | 222.3 | $ | 39.40 | ||||
5.64 million common shares currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of June 30, 2022, the company’s total unaudited assets were approximately $89.0 million and its unaudited net asset value was $67.4 million, or 30 $.26 per share.
As of June 30, 2022, the coverage ratio of the company’s assets under the law of 1940 in first rank debt securities was 595% and its coverage ratio in preferred shares was 422%. 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 June 30, 2022.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 88.1 | $ | 39.53 | ||||
|
Cash and cash equivalents |
0.5 | 0.22 | ||||||
|
other assets |
0.4 | 0.18 | ||||||
|
Total assets |
89.0 | 39.93 | ||||||
|
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 |
0.7 | 0.27 | ||||||
|
Net assets |
$ | 67.4 | $ | 30.26 | ||||
2.23 million common shares currently outstanding.
Tortoise Energy Independence Fund, Inc.(NYSE: NDP) today announced that as of June 30, 2022, the company’s total unaudited assets were approximately $62.2 million and its unaudited net asset value was $58.5 million, or $31 $.72 per share.
As of June 30, 2022, the coverage ratio of the company’s assets under the 1940 law in respect of first-ranking securities representing indebtedness was 1,874%. 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 June 30, 2022.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 61.6 | $ | 33.40 | ||||
|
Cash and cash equivalents |
0.4 | 0.23 | ||||||
|
other assets |
0.2 | 0.06 | ||||||
|
Total assets |
62.2 | 33.69 | ||||||
|
Loans under the credit facility |
3.3 | 1.79 | ||||||
|
Other liabilities |
0.4 | 0.18 | ||||||
|
Net assets |
$ | 58.5 | $ | 31.72 | ||||
1.85 million common shares currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of June 30, 2022, the company’s total unaudited assets were approximately $120.1 million and its unaudited net asset value was $93.6 million, or 14 $.34 per share.
As of June 30, 2022, the coverage ratio of the company’s assets under the 1940 law in respect of first-ranking securities representing debt was 460%. 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 June 30, 2022.
Unaudited balance sheet
| (in millions) | Per share | |||||||
|
Investments |
$ | 118.5 | $ | 18.16 | ||||
|
Cash and cash equivalents |
0.4 | 0.06 | ||||||
|
other assets |
1.2 | 0.18 | ||||||
|
Total assets |
120.1 | 6:40 p.m. | ||||||
|
Loans under the credit facility |
26.0 | 3.98 | ||||||
|
Other liabilities |
0.5 | 0.08 | ||||||
|
Net assets |
$ | 93.6 | $ | 2:34 p.m. | ||||
6.53 million common shares currently outstanding.
The top 10 holdings for TYG, NTG, TTP, NDP and TPZ at the end of the most recent month can be viewed 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, 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 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 info@tortoiseecofin.com.
THE SOURCE: Tortoise
See the source version on accesswire.com:
https://www.accesswire.com/707422/Tortoise-Provides-Unaudited-Balance-Sheet-Information-and-Asset-Coverage-Ratio-Updates-as-of-June-30-2022-for-TYG-NTG- TTP-NDP-and-TPZ
