LEAWOOD, Kan.--(BUSINESS WIRE)--
TYG, NTG, TTP, NDP and TPZ declared the following distributions today:
|Tortoise Energy Infrastructure Corp.||TYG||$0.6550||-||-|
|Tortoise Midstream Energy Fund, Inc.||NTG||$0.4225||-||-|
|Tortoise Pipeline & Energy Fund, Inc.||TTP||$0.4075||-||-|
|Tortoise Energy Independence Fund, Inc.||NDP||$0.4375||-||-|
|Tortoise Power and Energy Infrastructure Fund, Inc.||TPZ||$0.1250||-||-|
“We are maintaining distribution levels as we continue to see strong fundamentals, compelling valuations and some of our anticipated 2019 key catalysts coming to fruition in the midstream sector including greater structure clarity as simplification transactions wind down, increased return of capital to shareholders and improved fund flows into the sector,” said Brad Adams, CEO for Tortoise’s closed-end funds.
The TYG, NTG, TTP and NDP quarterly distributions are payable on Feb. 28, 2019 to stockholders of record on Feb. 21, 2019.
The TPZ monthly distributions are payable on March 29, 2019, April 30, 2019 and May 31, 2019 to stockholders of record on the respective dates of March 22, 2019, April 23, 2019 and May 24, 2019.
For book purposes, the source of distributions for TYG and NTG are estimated to be 100% return of capital, and the source of distributions for NDP is estimated to be approximately 65-75% 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.
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. TTP and TPZ will each send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Energy Value Chain Conference Call
Tortoise will host a conference call on April 24, 2019 at 3 p.m. Central to discuss the energy sector and provide an update on the energy value chain and Tortoise’s investment outlook.
Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877) 481-4010
Replay ID: #41353 (available through May 24, 2019)
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit 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.
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.