Tortoise Announces Distribution Amounts and Dates for TYG, NTG, TTP, NDP, TPZ, TEAF

TYG, NTG, TTP, NDP, TPZ, and TEAF declared the following distributions:

Fund

Ticker

 

Distribution
Amount

 

 

 

 

 

 

 

 

 

Tortoise Energy Infrastructure Corp.

 

TYG

 

$0.3950

 

 

Tortoise Midstream Energy Fund, Inc.

 

NTG

 

$0.2350

 

 

Tortoise Pipeline & Energy Fund, Inc.

 

TTP

 

$0.2850

Tortoise Energy Independence Fund, Inc.

 

NDP

 

$0.1000

Tortoise Power and Energy Infrastructure Fund, Inc.

 

TPZ

 

$0.1250

Tortoise Essential Assets Income Term Fund

 

TEAF

 

$0.1085

Following the quarterly comprehensive review of the funds and their distribution levels, Tortoise is reducing TYG’s first quarter 2020 distribution to $0.3950 and NTG’s first quarter 2020 distribution to $0.2350; all other Tortoise closed-end funds have maintained distributions.

As the landscape of midstream energy continues to evolve, TYG and NTG intend to transition to more growth-oriented midstream companies, thus lowering the yields of the portfolios.

“Midstream energy has undergone a significant evolution with companies lowering leverage, increasing distribution coverage and participating in stock buybacks,” said Senior Portfolio Manager Matt Sallee. “We believe the funds must evolve with the sector and the change in distribution rates may allow the funds to buyback shares, reinvest in the portfolios or reduce leverage. The strategic shift provides us flexibility to invest in what we believe are the best companies across the midstream energy universe.”