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OVERLAND PARK, KS / ACCESSVIRE / December 1, 2022 / Tortoise today released the following preliminary unaudited balance sheet information and asset coverage ratio updates for TIG, NTG, TTP, NDP and TPZ.
Turtle Energy Infrastructure Corporation (NISE:TIG) It announced today that as of November 30, 2022, the company’s unaudited total assets were approximately $622.4 million and its unaudited net asset value was $469.9 million, or $41.46 per share.
As of November 30, 2022, the coverage ratio of the Company’s assets under the 1940 Act to senior debt securities was 550%, and the preferred stock coverage ratio was 417%. For more information on the company’s coverage ratio, see the leverage summary webpage at https://cef.tortoiseecofin.com.
Below is a summary of the company’s preliminary unaudited balance sheet as of November 30, 2022.
Unaudited balance sheet
| (in millions) | By action | |||||||
|
Investments |
$ | 618.7 | $ | 54.60 | ||||
|
Cash and cash equivalents |
0.3 | 0.03 | ||||||
|
Receivable for sold investments |
1.7 | 0.15 | ||||||
|
Current tax assets |
0.1 | 0.01 | ||||||
|
Other means |
1.6 | 0.14 | ||||||
|
total assets |
622.4 | 54.93 | ||||||
|
Short-term loans |
30.7 | 2.71 | ||||||
|
Senior Notes |
81.6 | 7.20 | ||||||
|
Preference shares |
35.7 | 3.15 | ||||||
|
Total Leverage |
148.0 | 13.06 | ||||||
|
It is paid for the purchased investments |
1.7 | 0.15 | ||||||
|
Other obligations |
2.8 | 0.26 | ||||||
|
Net assets |
$ | 469.9 | $ | 41.46 | ||||
11.33 million shares of common stock currently outstanding.
Tortoise Midstream Energy Fund, Inc. (NISE: NTG) It announced today that as of November 30, 2022, the company’s unaudited total assets were approximately $323.4 million and its unaudited net asset value was $247.6 million, or $46.18 per share.
As of November 30, 2022, the coverage ratio of the company’s assets under the 1940 Act to senior debt securities was 727%, and the preferred stock coverage ratio was 497%. For more information on the company’s coverage ratio, see the leverage summary webpage at https://cef.tortoiseecofin.com.
Below is a summary of the company’s preliminary unaudited balance sheet as of November 30, 2022.
Unaudited balance sheet
| (in millions) | By action | |||||||
|
Investments |
$ | 309.9 | $ | 57.80 | ||||
|
Cash and cash equivalents |
0.2 | 0.04 | ||||||
|
Receivable for sold investments |
12.1 | 2.26 | ||||||
|
Current tax assets |
0.1 | 0.02 | ||||||
|
Other means |
1.1 | 0.21 | ||||||
|
total assets |
323.4 | 66.33 | ||||||
|
Short-term loans |
10.5 | 1.96 | ||||||
|
Senior Notes |
32.2 | 5.99 | ||||||
|
Preference shares |
19.7 | 3.68 | ||||||
|
Total Leverage |
62.4 | 11.63 | ||||||
|
It is paid for the purchased investments |
12.1 | 2.26 | ||||||
|
Other responsibility |
1.3 | 0.26 | ||||||
|
Net assets |
$ | 247.6 | $ | 46.18 | ||||
5.36 million shares of common stock currently outstanding.
Tortoise Pipeline & Energy Fund, Inc. (NOT: TTP) It announced today that as of November 30, 2022, the company’s unaudited total assets were approximately $94.0 million and its unaudited net asset value was $73.6 million, or $34.75 per share.
As of November 30, 2022, the coverage ratio of the company’s assets under the 1940 Act to the senior debt securities was 680%, and the preferred stock coverage ratio was 471%. For more information on the company’s coverage ratio, see the leverage summary webpage at https://cef.tortoiseecofin.com.
Below is a summary of the company’s preliminary unaudited balance sheet as of November 30, 2022.
Unaudited balance sheet
| (in millions) | By action | |||||||
|
Investments |
$ | 93.2 | $ | 44.06 | ||||
|
Cash and cash equivalents |
0.3 | 0.14 | ||||||
|
Other means |
0.5 | 0.21 | ||||||
|
total assets |
94.0 | 44.41 | ||||||
|
Short-term loans |
9.8 | 4.63 | ||||||
|
Senior Notes |
3.9 | 1.86 | ||||||
|
Preference shares |
6.1 | 2.88 | ||||||
|
Total Leverage |
19.8 | 9.37 | ||||||
|
Other obligations |
0.4 | 0.29 | ||||||
|
Net assets |
$ | 73.6 | $ | 34.75 | ||||
2.12 million shares of common stock currently outstanding.
Tortoise Energy Independence Fund, Inc.(NOT:NDP) It announced today that as of November 30, 2022, the company’s unaudited total assets were approximately $71.1 million and its unaudited net asset value was $67.1 million, or $38.25 per share.
As of November 30, 2022, the coverage ratio of the Company’s assets under the 1940 Act to senior debt securities was 1,913%. For more information on the company’s coverage ratio, see the leverage summary webpage at https://cef.tortoiseecofin.com.
Below is a summary of the company’s preliminary unaudited balance sheet as of November 30, 2022.
Unaudited balance sheet
| (in millions) | By action | |||||||
|
Investments |
$ | 70.2 | $ | 40.03 | ||||
|
Cash and cash equivalents |
0.6 | 0.32 | ||||||
|
Other means |
0.3 | 0.18 | ||||||
|
total assets |
71.1 | 40.53 | ||||||
|
Credit line loans |
3.7 | 2.11 | ||||||
|
Other obligations |
0.3 | 0.17 | ||||||
|
Net assets |
$ | 67.1 | $ | 38.25 | ||||
1.75 million shares of common stock currently outstanding.
Tortoise Power and Energy Infrastructure Fund, Inc. (NOT: TPZ) It announced today that as of November 30, 2022, the company’s unaudited total assets were approximately $124.7 million and its unaudited net asset value was $98.2 million, or $15.85 per share.
As of November 30, 2022, the coverage ratio of the Company’s assets under the 1940 Act to senior debt securities was 479%. For more information on the company’s coverage ratio, see the leverage summary webpage at https://cef.tortoiseecofin.com.
Below is a summary of the company’s preliminary unaudited balance sheet as of November 30, 2022.
Unaudited balance sheet
| (in millions) | By action | |||||||
|
Investments |
$ | 123.1 | $ | 19.86 | ||||
|
Cash and cash equivalents |
0.3 | 0.05 | ||||||
|
Other means |
1.3 | 0.21 | ||||||
|
total assets |
124.7 | 20.12 | ||||||
|
Credit line loans |
25.9 | 4.18 | ||||||
|
Other obligations |
0.6 | 0.09 | ||||||
|
Net assets |
$ | 98.2 | $ | 15.85 | ||||
6.20 million shares of common stock currently outstanding.
The top 10 funds for TIG, NTG, TTP, NDP and TPZ at the end of the last month can be found on each fund’s portfolio website at https://cef.tortoiseecofin.com.
About the turtle
Turtle focuses on energy and power infrastructure and the transition to cleaner energy. Kornjača’s solid experience in investing in the energy value chain 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 ongoing global energy evolution. With a steady winning approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, visit www.TortoiseEcofin.com.
Tortoise Capital Advisors, LLC is an advisor to Tortoise Energi Infrastructure Corp., Tortoise Midstream Energi Fund, Inc., Tortoise Pipeline & Energi Fund, Inc., Tortoise Energi Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.
For additional information on these funds, visit cef.tortoiseecofin.com.
Safe Harbor Statement
This press release will not constitute an offer to sell or an invitation to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be illegal 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, are included “forward-looking statements” herein. Although the Funds and Tortoise Capital Advisors believe that the expectations expressed in these forward-looking statements are reasonable, they 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 number of factors, including those discussed in the fund’s reports filed with the Securities and Exchange Commission. Undue reliance should not be placed 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 undertake no obligation to update this forward-looking statement.
Contact info
For more information, contact Jen Ashlock at (913) 981-1020 or info@tortoiseecofin.com.
SOURCE: TortoiseEcofin
See the original version on accesswire.com:
https://vvv.accessvire.com/729794/Tortoise-Provides-Unaudited-Balance-Sheet-Information-and-Asset-Coverage-Ratio-Updates-as-of-November-30-2022-for-TIG-NTG- TTP-NDP-and-TPZ
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