Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Sept. 30, 2016, the company’s unaudited total assets were approximately $314.6 million and its unaudited net asset value was $246.6 million, or $16.99 per share.
As of Sept. 30, 2016, the company was in compliance with its asset coverage ratios under the Investment Company Act of 1940 (the 1940 Act). The company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 498 percent. For more information on calculation of coverage ratios, please refer to the company’s most recent applicable prospectus.
Set forth below is a summary of the company’s preliminary unaudited balance sheet at Sept. 30, 2016 and a summary of its top 10 holdings.
Unaudited balance sheet | ||||||||
(in Millions) | Per Share | |||||||
Investments | $ 314.3 | $ 21.65 | ||||||
Cash and Cash Equivalents | 0.1 | 0.01 | ||||||
Other Assets | 0.2 | 0.01 | ||||||
Total Assets | 314.6 | 21.67 | ||||||
Credit Facility Borrowings | 62.0 | 4.27 | ||||||
Other Liabilities | 6.0 | 0.41 | ||||||
Net Assets | $ 246.6 | $ 16.99 | ||||||
14.52 million common shares currently outstanding. | ||||||||
Top 10 holdings (as of Sept. 30, 2016) | ||||||||||||
Name | Ticker |
Market Value |
% of | |||||||||
EOG Resources, Inc. | EOG | $ 32.4 | 10.3% | |||||||||
Pioneer Natural Resources Company | PXD | 30.3 | 9.6% | |||||||||
EQT Corporation | EQT | 20.1 | 6.4% | |||||||||
Anadarko Petroleum Corporation | APC | 17.1 | 5.4% | |||||||||
Concho Resources Inc. | CXO | 13.5 | 4.3% | |||||||||
Enbridge Energy Management, L.L.C. | EEQ | 12.8 | 4.1% | |||||||||
Devon Energy Corporation | DVN | 11.4 | 3.6% | |||||||||
Cimarex Energy Co. | XEC | 10.2 | 3.2% | |||||||||
RSP Permian, Inc. | RSPP | 9.5 | 3.0% | |||||||||
Newfield Exploration Company | NFX | 8.8 | 2.8% | |||||||||
Total | $ 166.1 | 52.7% | ||||||||||
(1) Percent of Investments and Cash Equivalents. | ||||||||||||
4th Quarter Conference Call
Tortoise will host its fourth
quarter closed-end fund call on Oct. 26, 2016 at 3 p.m. central time to
discuss the energy sector and provide an update on its closed-end fund
investment strategies.
Toll Free Dial-In Number: 877-407-9210
Replay Number: 877-660-6853
Conference
ID: 13626511
Replay Available Until: Dec. 26, 2016 at 11:59 PM
Questions for the call may be submitted in advance to email address info@tortoiseadvisors.com. No questions from participants will be taken during the call. The deadline for email submission of questions is Monday, Oct. 24, 2016 at 8:00pm Central.
About Tortoise Energy Independence Fund, Inc.
Tortoise
Energy Independence Fund, Inc. (NYSE: NDP) is a non-diversified,
closed-end management investment company that seeks to obtain a high
level of total return with an emphasis on current distributions. NDP
invests primarily in North American energy companies that engage in the
exploration and production of crude oil, condensate, natural gas and
natural gas liquids.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital
Advisors, L.L.C. is an investment manager specializing in energy
investments across the energy value chain. As of Aug. 31, 2016, the
adviser had approximately $15.1 billion of assets under management in
listed closed-end funds, mutual funds, private funds and separate
accounts. For more information, visit www.tortoiseadvisors.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.
Forward-looking statement
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 Fund and Tortoise Capital Advisors believe 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 Fund and Tortoise
Capital Advisors do not assume a duty to update any forward-looking
statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161003006619/en/
Contacts:
Pam Kearney, Investor and Public
Relations
866-362-9331
pkearney@tortoiseadvisors.com