Distribution Amounts and Dates Declared for:
Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Ecofin Sustainable and Social Impact Term Fund (NYSE:
TEAF)
OVERLAND
PARK, Kan., Aug. 9, 2024
/PRNewswire/ -- Tortoise Capital and the Board of its closed-end
funds announced distributions for its closed-end funds. Tortoise
Energy Infrastructure Corp. (TYG) and Tortoise Midstream Energy
Fund, Inc. (NTG) increased their distributions by 10% and 5%,
respectively. The distribution increases are a product of the
26-week average NAV ended May 31,
2024, and the distribution target ranges outlined below. We
believe this, along with the recently announced merger and ETF
conversion, underscores our continued commitment to
shareholder returns.
While the distribution target range for Tortoise Power and
Energy Infrastructure Fund, Inc. (TPZ), Tortoise Pipeline &
Energy Fund, Inc. (TTP), and Tortoise Energy Independence Fund,
Inc. (NDP) has not changed, in light of the previously announced
merger of TPZ, TTP and NDP, Tortoise Capital expects distributions
to remain flat until completion of the transaction.
Tortoise Capital closed-end funds distribution details are as
follows:
Fund
|
Ticker
|
Distribution
Amount
|
%
Increase
|
Distribution
Target of
Average
NAV
|
Distribution
Frequency
|
Tortoise Energy
Infrastructure Corp.
|
TYG
|
$0.78
|
10 %
|
7%-10%
|
Quarterly
|
Tortoise Midstream
Energy Fund, Inc.
|
NTG
|
$0.81
|
5 %
|
7%-10%
|
Quarterly
|
Tortoise Pipeline &
Energy Fund, Inc.
|
TTP
|
$0.59
|
-
|
7%-10%
|
Quarterly
|
Tortoise Energy
Independence Fund, Inc.
|
NDP
|
$0.63
|
-
|
7%-10%
|
Quarterly
|
Tortoise Power and
Energy Infrastructure Fund, Inc.
|
TPZ
|
$0.105
|
-
|
7%-10%
|
Monthly
|
Ecofin
Sustainable and Social Impact Term Fund
|
TEAF
|
$0.09
|
-
|
6%-8%
|
Monthly
|
TYG, NTG, TTP, NDP and TPZ distributions are payable on
Aug. 30, 2024, to shareholders of
record on Aug. 23, 2024. TEAF monthly
distributions are payable on September 30,
2024, October 31, 2024, and
November 29, 2024, to shareholders of
record on the respective dates of September
23, 2024, October 24, 2024,
and November 22, 2024.
For book purposes, the source of distributions for each of TYG
and NTG is estimated to be 0-20% ordinary income with the remainder
as return of capital, and NDP is estimated to be approximately
20-30% ordinary income, with the remainder as return of capital.
For TEAF, the source of distributions is estimated to be
approximately 40 to 50% ordinary income, with the remainder as
return of capital. For tax purposes, the characterization will not
be made until determination of earnings and profits after year
end.
Investors should not draw any conclusions about TTP's or TPZ's
investment performance from the amount of these distributions or
from the terms of TTP's or TPZ's distribution policy.
TTP and TPZ estimate that they have distributed more than their
income and net realized capital gains; therefore, a portion of the
distribution may be return of capital. A return of capital may
occur, for example, when some or all of the money invested in TTP
and TPZ is paid back to the investor. A return of capital
distribution does not necessarily reflect TTP's and TPZ's
investment performance and should not be confused with "yield" or
"income."
TTP and TPZ will report the sources for their distributions at
the time of the payment in the applicable Section 19(a)
Notice. The amounts and sources of distributions TTP and TPZ
report are only estimates and are not being provided for tax
reporting purposes. The actual amounts and sources of the amounts
for tax reporting purposes will depend upon TTP's and TPZ's
investment experience during the remainder of their fiscal years
and may be subject to changes based on tax regulations.
About Tortoise Capital
With approximately
$8 billion in assets under management
as of July 31, 2024, Tortoise
Capital's solid record of investment experience and research dates
back more than 20 years. As one of the earliest investors in
midstream energy, Tortoise Capital believes it is well-positioned
to be at the forefront of the global energy evolution that is under
way. Based in Overland Park,
Kansas, Tortoise Capital Advisors, L.L.C. is an
SEC-registered fund manager that invests primarily in publicly
traded companies in the energy and power infrastructure
sectors—from production to transportation to distribution. For more
information about Tortoise Capital, visit
www.TortoiseAdvisors.com.
Tortoise Capital Advisors, L.L.C. is the adviser 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 Ecofin Sustainable and Social Impact Term Fund with
Ecofin Advisors Limited as the fund's sub-adviser.
For additional information on these funds, please visit
cef.tortoiseadvisors.com.
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, 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 do 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 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. Other than as
required by law, the funds and Tortoise Capital Advisors do not
assume a duty to update this forward-looking statement.
Media Contacts
Margaret Kirch Cohen/Richard
Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
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SOURCE Tortoise Capital