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Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of May 31, 2019 for TYG, NTG, TTP, NDP, TPZ and TEAF

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LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise today announced the following unaudited balance sheet
information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ
and TEAF.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $2.1 billion and its unaudited net asset value was $1.2
billion, or $22.76 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 367 percent, and its coverage ratio for preferred
shares was 279 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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 2,090.3 $ 38.97
Cash and Cash Equivalents 0.3 0.01
Current Tax Asset 15.6 0.29
Other Assets   4.3   0.08
Total Assets   2,110.5   39.35
 
Credit Facility Borrowings 138.7 2.59
Senior Notes 380.0 7.08
Preferred Stock   165.0   3.08
Total Leverage   683.7   12.75
 
Payable for Investments Purchased 0.9 0.02
Other Liabilities 12.4 0.23
Deferred Tax Liability   192.6   3.59
Net Assets $ 1,220.9 $ 22.76
 

53.64 million common shares currently outstanding.

 

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced
that as of May 31, 2019, the company’s unaudited total assets were
approximately $1.5 billion and its unaudited net asset value was $886.3
million, or $14.02 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 358 percent, and its coverage ratio for preferred
shares was 268 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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 1,494.9 $ 23.65
Cash and Cash Equivalents 0.3 0.00
Current Tax Asset 1.9 0.03
Other Assets   1.2   0.02
Total Assets   1,498.3   23.70
 
Credit Facility Borrowings 83.3 1.32
Senior Notes 312.0 4.93
Preferred Stock   132.0   2.09
Total Leverage   527.3   8.34
 
Other Liabilities 7.0 0.11
Deferred Tax Liability   77.7   1.23
Net Assets $ 886.3 $ 14.02
 

63.21 million common shares currently outstanding.

 

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $222.7 million and its unaudited net asset value was
$157.1 million, or $15.68 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act)
and basic maintenance covenants. The company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 467 percent, and its coverage ratio for preferred
shares was 349 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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 220.9 $ 22.05
Cash and Cash Equivalents 0.2 0.02
Receivable for Investments Sold 1.0 0.10
Other Assets   0.6   0.06
Total Assets   222.7   22.23
 
Credit Facility Borrowings 13.1 1.31
Senior Notes 34.0 3.39
Preferred Stock   16.0   1.60
Total Leverage   63.1   6.30
 
 
Payable for Investments Purchased 1.2 0.12
Other Liabilities   1.3   0.13
Net Assets $ 157.1 $ 15.68
 

10.02 million common shares currently outstanding.

 

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $123.2 million and its unaudited net asset value was
$87.7 million, or $5.94 per share.

As of May 31, 2019, 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 354 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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 122.8 $ 8.31
Cash and Cash Equivalents 0.3 0.02
Other Assets   0.1   0.01
Total Assets   123.2   8.34
 
Credit Facility Borrowings 34.6 2.34
 
Other Liabilities   0.9   0.06
Net Assets $ 87.7 $ 5.94
 

14.77 million common shares currently outstanding.

 

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
today announced that as of May 31, 2019, the company’s unaudited total
assets were approximately $197.7 million and its unaudited net asset
value was $139.8 million, or $20.11 per share.

As of May 31, 2019, 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 347 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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 195.0 $ 28.06
Cash and Cash Equivalents 0.2 0.03
Receivable for Investments Sold 0.7 0.09
Other Assets   1.8   0.26
Total Assets   197.7   28.44
 
Credit Facility Borrowings 56.6 8.14
 
Payable for Investments Purchased 0.5 0.07
Other Liabilities   0.8   0.12
Net Assets $ 139.8 $ 20.11
 

6.95 million common shares currently outstanding.

 

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today
announced that as of May 31, 2019, the company’s unaudited total assets
were approximately $288.0 million and its unaudited net asset value was
$255.5 million, or $18.94 per share.

As of May 31, 2019, the company was in compliance with its asset
coverage ratios under the Investment Company Act of 1940 (the 1940 Act).
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 May 31, 2019.

Preliminary Unaudited balance sheet

                         
(in Millions) Per Share
Investments $ 285.3 $ 21.15
Cash and Cash Equivalents 0.7 0.05
Other Assets   2.0   0.15
Total Assets   288.0   21.35
 
Credit Facility Borrowings 31.5 2.33
 
Other Liabilities   1.0   0.08
Net Assets $ 255.5 $ 18.94
 

13.49 million common shares currently outstanding.

 

The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent
month-end can be found on each fund’s portfolio web page at https://cef.tortoiseadvisors.com.

Essential Assets Conference Call

Tortoise will host a conference call on July 24, 2019 at 3 p.m. Central
to discuss the essential asset sectors and provide an update on
Tortoise’s outlook.

Toll Free Dial-In Number: (877) 407-9210
Replay Number: (877)
481-4010
Replay ID: #41354 (available through Aug. 24, 2019)

About Tortoise Energy Infrastructure Corp.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio of
master limited partnership investments in the energy infrastructure
sector. Tortoise Energy Infrastructure Corp.’s objective is to provide
its stockholders a high level of total return with an emphasis on
current distributions.

About Tortoise Midstream Energy Fund, Inc.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) owns a portfolio of
midstream energy entities that own and operate a network of pipeline and
energy-related logistical infrastructure assets with an emphasis on
those that transport, gather, process and store natural gas and natural
gas liquids (NGLs). Tortoise Midstream Energy Fund, Inc.’s objective is
to provide its stockholders a high level of total return with an
emphasis on current distributions.

About Tortoise Pipeline & Energy Fund, Inc.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) 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. TTP
invests primarily in equity securities of pipeline companies that
transport natural gas, natural gas liquids (NGLs), crude oil and refined
products and, to a lesser extent, in other energy infrastructure
companies.

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 Power and Energy Infrastructure Fund, Inc.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) invests
in a portfolio of fixed income and equity securities issued by power and
energy infrastructure companies. TPZ’s objective is to provide
stockholders a high level of current income, with a secondary objective
of capital appreciation.

About Tortoise Essential Assets Income Term Fund

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) is a
non-diversified, closed-end management investment company that seeks to
provide a high level of total return with an emphasis on current
distributions. TEAF provides investors access to a combination of public
and direct investments in essential assets that are making an impact on
clients and communities.

About Tortoise

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.

Tortoise Capital Advisors, LLC 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 Tortoise
Essential Assets Income Term Fund. Tortoise Credit Strategies, LLC and
Tortoise Advisors UK Limited are subadvisors to Tortoise Essential
Assets Income Term Fund.

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.

Contacts

Tortoise
Pam Kearney, Investor and Public Relations
(866)
362-9331
pkearney@tortoiseadvisors.com

Cannabis

PURA Cannabis Cultivation Spinoff and Dividend Breaking News Update

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Dallas, Texas–(Newsfile Corp. – July 10, 2020) – Puration, Inc. (OTC Pink: PURA) now has the following update to the press release published this morning about the management buyout of a separate public company that will in turn purchase PURA’s cannabis cultivation spinoff in exchange for common stock scheduled to close today. The management buyout has been executed by all parties. The purchase is scheduled to be funded on Monday. The management/owner team plans to make a formal announcement on Tuesday, July 14, 2020 (the formal announcement was previously expected on Monday, but to ensure funding is complete first, the announcement is now scheduled for the next day).

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PURA – Logo

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The common stock issued in exchange for the PURA spinoff is intended to be issued to PURA shareholders in a dividend distribution.

NCM Biotech, a subsidiary of Kali-Extracts (OTC Pink: KALY) will also be acquired and merged with PURA’s cannabis spinoff.

The management team purchasing control of the target public company is expected to confirm the planned acquisitions of PURA’s cannabis cultivation company and KALY’s NCM Biotech in the announcement now scheduled for Tuesday, July 14, 2020.

PURA’s cannabis cultivation operation is thriving. The operation has recently purchased and relocated to a new property from its former leased property. Texas lawmakers have recently implemented hemp friendly farming regulations and in so doing, universities within the State of Texas have initiated hemp farming research programs. PURA’s cannabis cultivation spinoff has initiated a number of joint research applications with Texas universities.

NCM Biotech is focused on medical research and the development of treatments derived from its patented cannabis extraction process. See a recent research report on CBD extracts derived from NCM Biotech’s patented extraction process: Journal of Cannabis Research.

For more information on Puration, visit http://www.purationinc.com

Disclaimer/Safe Harbor:

This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.

Contact:
Puration, Inc.
Brian Shibley,
info@aciconglomerated.com
(800) 861-1350

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59533

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Cannabis

PURA Ongoing EVERx CBD Sports Water Sales Fuel Expansion

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Dallas, Texas–(Newsfile Corp. – July 10, 2020) – Puration, Inc. (OTC Pink: PURA) management today indicated that its EVERx CBD Sports Water sales remain strong and continue to support the company’s expansion plans to diversify into additional CBD infused consumer product lines.

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PURA – EVERx CBD Sports Water
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After launching an acquisition campaign in January, PURA has acquired four businesses ranging from CBD confections, to CBD pet products, to CBD sun care products and CBD sexual wellness products. PURA is building a brand name strategy to relaunch the acquired products. Management emphasizes that PURA’s success with EVERx CBD Sports Water is the ongoing catalyst making PURA’s diversified expansion possible.

For more information on Puration, visit http://www.purationinc.com

Disclaimer/Safe Harbor:

This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur. These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.

Contact:
Puration, Inc.
Brian Shibley,
info@aciconglomerated.com
(800) 861-1350

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59529

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Cannabis

SLANG Worldwide Announces Election of New Directors

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Toronto, Ontario–(Newsfile Corp. – July 10, 2020) – SLANG Worldwide Inc. (CNSX: SLNG) (“SLANG” or the “Company“), a leading global cannabis consumer packaged goods (CPG) company with a diversified portfolio of popular brands, today announced the election of four new directors who will add considerable expertise in consumer products, marketing, corporate strategy and financial management to its Board.

Joining SLANG’s Board are the following individuals:

  • Chris Donnelly is the founder of four start-up ventures across consumer products, digital marketing, and outdoor advertising. In 2002, Mr. Donnelly helped create the subsidiaries group within Nike. In 2006, Mr. Donnelly joined Oakley as SVP of Global Strategy and Product, where he rebuilt the organizational structure for all 3,000 employees to align the company around its top priorities. Over 9 years, through 450 new retail stores and 4 website launches, he shifted the direct to consumer business from 11% of revenues to 48%. Since 2016, Mr. Donnelly has spent his time advising and investing in consumer businesses.

  • Kelly Ehler is a Chartered Accountant and former auditor with PWC and banker with Bank of Montreal. He has sat on various public company corporate boards and board committees including additional roles as Audit Committee chair. He has led several companies, from start-ups to billion-dollar public companies, as CFO in a variety of industries and countries. His experience covers debt financing, due diligence, acquisitions and dispositions, audits, consolidations, multi jurisdiction entities and multijurisdictional public companies. Mr. Ehler also serves as CFO of SLANG.

  • Matt Fraser is President and COO at CANarchy Craft Brewery Collective (“CANarchy”) where he leads all business operations across the portfolio of craft breweries. Under his leadership, CANarchy has grown to the 8th largest craft brewery in the United States and operates 8 manufacturing locations and 16 brewpubs and taprooms. He initially joined CANarchy as CFO, with responsibility for financial reporting and analysis, forecasting and overall budget management. Mr. Fraser previously spent eight years at Lazard Frères in its Middle Market advisory group.

  • Robert (Bob) Verdun specializes in helping businesses with their go to market/growth strategies and effective ways to maximize shareholder value. He has recently been involved in dozens of M&A transactions, advising company owners on strategies for growth, acquisitions, mergers and capital raises. As President and Chief Executive Officer of Computerized Facility Integration, Mr. Verdun established partnerships with some of the leading companies in its industry and became IBM’s largest global partner for multiple product lines.

“We are very pleased to welcome four new directors with tremendous experience leading and counseling growth companies across a range of sectors. Their insights will be valuable as SLANG continues to execute on its vision of becoming the leading CPG company in the cannabis space,” said SLANG Chairman and CEO Peter Miller. “On behalf of the Company, I would also like to thank Chris McElvany, William Stocks and Olaf van Tulder for their contributions to our Board during the crucial early stages of our growth.”

All seven of the nominees listed in the Management Information Circular dated June 9, 2020 were elected as directors of the Company at its annual and special meeting of shareholders held in a virtual format on July 8, 2020. Re-elected directors include Chris Driessen, Peter Miller and Keith Stein. Messrs. Donnelly, Fraser, Stein and Verdun are all considered independent directors of the Company.

Media and Investor inquiries

Investors@SLANGworldwide.co

About SLANG Worldwide Inc.

SLANG Worldwide Inc. is a global leader in the cannabis CPG sector with a diversified portfolio of popular brands distributed across the United States. The Company specializes in acquiring and developing market-proven regional brands as well as launching innovative new brands to seize global market opportunities. SLANG is listed on the Canadian Securities Exchange under the ticker symbol SLNG. For more information, please visit www.slangww.com.

Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management of SLANG at this time, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that could cause actual results to differ materially from those expressed or implied in such statements. Investors are cautioned not to put undue reliance on forward-looking statements. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, resolutions and guidelines, market risks, concentration risks, operating history, competition, the risks associated with international and foreign operations and the other risks identified under the headings “Risk Factors” in SLANG’s final long form prospectus dated January 17, 2019 and “Risks and Uncertainties” in the management discussion and analysis for the year ended December 31, 2019, as filed on SEDAR at www.sedar.com. SLANG is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59516

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