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)
TortoiseEcofin and the Board of its closed-end funds today
announced a fourth consecutive and noteworthy increase to quarterly
distributions for TYG and NTG of 23.3% and 48.1%, respectively. As
previously announced, TTP, NDP and TPZ have adopted managed
distribution policies and those distribution amounts will be
reviewed in February 2022, in accordance with their policies.
“The distribution increases for TYG and NTG are due to steady
NAV growth and a refueling in demand within the energy
infrastructure sector. The increases raise the distributions of
both funds to levels in accordance with their distribution
policies,” said Matt Sallee, President – Tortoise. “In alignment
with the energy evolution taking place across the globe, TYG
continues its strategic shift, positioning for the future of energy
growth and toward a target portfolio of ~40% renewables and power
infrastructure. Furthermore, we see tremendous opportunity and
exceptional yields in midstream energy infrastructure, where NTG
primarily invests, and we intend to pass that income to
shareholders.”
Tortoise closed-end funds distribution details are as
follows:
Fund
Ticker
Distribution Amount
Distribution Frequency
Tortoise Energy Infrastructure Corp.
TYG
$0.450
Quarterly
Tortoise Midstream Energy Fund, Inc.
NTG
$0.570
Quarterly
Tortoise Pipeline & Energy Fund,
Inc.
TTP
$0.370
Quarterly
Tortoise Energy Independence Fund,
Inc.
NDP
$0.310
Quarterly
Tortoise Power and Energy Infrastructure
Fund, Inc.
TPZ
$0.060
Monthly
TYG, NTG, TTP and NDP quarterly distributions are payable on
November 30, 2021, to shareholders of record on November 23, 2021.
TPZ is expected to continue to declare distributions monthly, with
the November distribution payable on November 30, 2021, to
shareholders of record on November 23, 2021.
2021 Tax Characterization Information
For tax purposes, 80 to 100% of TYG and NTG’s 2021 distributions
are expected to be characterized as qualified dividend income, with
the remainder as return of capital; 0 to 10% of TTP and NDP’s 2021
distributions are expected to be characterized as dividend income,
with the remainder as return of capital; and 40 to 60% of TPZ’s
2021 distributions are expected to be characterized as dividend
income with the remainder as return of capital. A final
determination of the characterization will be made in January 2022,
and you will receive a form 1099-DIV for each fund in which you are
invested.
For book purposes, the source of distributions for TYG and NTG
is estimated to be 100% return of capital, and the source of
distributions for NDP is estimated to be approximately 10 to 20%
ordinary income, with the remainder as return of capital.
You 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 that you invested
in TTP and TPZ is paid back to you. 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 TortoiseEcofin
TortoiseEcofin focuses on essential assets – those assets and
services that are indispensable to the economy and society. We
strive to make a positive impact on clients 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 senior living. TortoiseEcofin brings together
strong legacies from Tortoise, with expertise investing across the
energy value chain for more than 20 years, and from Ecofin, which
unites ecology and finance and has roots back to the early 1990s.
For additional information, please visit
www.TortoiseEcofin.com.
Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors)
(“TCA”) is the adviser 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 additional information on these funds, please visit
cef.tortoiseecofin.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful 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, included herein are "forward-looking statements."
Although the funds and TCA 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 TCA do not assume a
duty to update this forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006632/en/
Maggie Zastrow (913) 981-1020 info@tortoiseecofin.com
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