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Tortoise Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Updates as of Nov. 30, 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 Nov. 30, 2019, the company’s unaudited total assets were approximately $1.7 billion and its unaudited net asset value was $930.4 million, or $17.31 per share.

As of Nov. 30, 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 339 percent, and its coverage ratio for preferred shares was 249 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

Per Share

Investments

$

1,665.8

$

31.00

Cash and Cash Equivalents

 

0.3

 

0.01

Receivable for Investments Sold

 

1.3

 

0.02

Current Tax Asset

 

10.9

 

0.20

Other Assets

 

3.5

 

0.07

Total Assets

 

1,681.8

 

31.30

 

 

 

Credit Facility Borrowings

 

93.9

 

1.75

Senior Notes

 

365.0

 

6.79

Preferred Stock

 

165.0

 

3.07

Total Leverage

 

623.9

 

11.61

 

 

 

Other Liabilities

 

11.2

 

0.21

Deferred Tax Liability

 

116.3

 

2.17

Net Assets

$

930.4

$

17.31

 

 

 

53.73 million common shares currently outstanding.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of Nov. 30, 2019, the company’s unaudited total assets were approximately $1.2 billion and its unaudited net asset value was $667.8 million, or $10.56 per share.

As of Nov. 30, 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 342 percent, and its coverage ratio for preferred shares was 244 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

Per Share

Investments

$

1,158.8

$

18.33

Cash and Cash Equivalents

 

0.6

 

0.01

Receivable for Investments Sold

 

1.3

 

0.02

Current Tax Asset

 

2.3

 

0.04

Other Assets

 

1.4

 

0.02

Total Assets

 

1,164.4

 

18.42

 

 

 

Credit Facility Borrowings

 

53.6

 

0.85

Senior Notes

 

277.0

 

4.38

Preferred Stock

 

132.0

 

2.09

Total Leverage

 

462.6

 

7.32

 

 

 

Other Liabilities

 

6.1

 

0.10

Deferred Tax Liability

 

27.9

 

0.44

Net Assets

$

667.8

$

10.56

 

63.21 million common shares currently outstanding.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of Nov. 30, 2019 the company’s unaudited total assets were approximately $193.0 million and its unaudited net asset value was $129.9 million, or $12.97 per share.

As of Nov. 30, 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 419 percent, and its coverage ratio for preferred shares was 310 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

Per Share

Investments

$

192.0

$

19.17

Cash and Cash Equivalents

 

0.3

 

0.03

Other Assets

 

0.7

 

0.07

Total Assets

 

193.0

 

19.27

 

 

 

Credit Facility Borrowings

 

11.8

 

1.18

Senior Notes

 

34.0

 

3.39

Preferred Stock

 

16.0

 

1.60

Total Leverage

 

61.8

 

6.17

 

 

 

 

 

 

Other Liabilities

 

1.3

 

0.13

Net Assets

$

129.9

$

12.97

10.02 million common shares currently outstanding.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of Nov. 30, 2019, the company’s unaudited total assets were approximately $88.7 million and its unaudited net asset value was $61.6 million, or $4.17 per share.

As of Nov. 30, 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 332 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

Per Share

Investments

$

88.1

$

5.97

Cash and Cash Equivalents

 

0.3

 

0.02

Other Assets

 

0.3

 

0.02

Total Assets

 

88.7

 

6.01

 

Credit Facility Borrowings

 

26.5

 

1.80

 

Other Liabilities

 

0.6

 

0.04

Net Assets

$

61.6

$

4.17

 

14.77 million common shares currently outstanding.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of Nov. 30, 2019, the company’s unaudited total assets were approximately $177.9 million and its unaudited net asset value was $123.1 million, or $17.70 per share.

As of Nov. 30, 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 327 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

 

Per Share

Investments

$

175.8

$

25.29

Cash and Cash Equivalents

 

0.3

 

0.04

Other Assets

 

1.8

 

0.26

Total Assets

 

177.9

 

25.59

 

 

 

Credit Facility Borrowings

 

54.1

 

7.78

 

 

 

Other Liabilities

 

0.7

 

0.11

Net Assets

$

123.1

$

17.70

6.95 million common shares currently outstanding.

Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today announced that as of Nov. 30, 2019, the company’s unaudited total assets were approximately $271.0 million and its unaudited net asset value was $235.8 million, or $17.48 per share.

As of Nov. 30, 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 unaudited preliminary balance sheet at Nov. 30, 2019.

Unaudited preliminary balance sheet

 

(in Millions)

Per Share

Investments

$

266.6

$

19.76

Cash and Cash Equivalents

 

2.0

 

0.15

Other Assets

 

2.4

 

0.17

Total Assets

 

271.0

 

20.08

 

 

 

Credit Facility Borrowings

 

32.0

 

2.37

 

 

 

Payable for Investments Purchased

 

0.9

 

0.07

Other Liabilities

 

2.3

 

0.16

Net Assets

$

235.8

$

17.48

 

 

 

13.49 million common shares currently outstanding.

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

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, L.L.C. 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

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Business Wire

Shortages of Low-Skill, Middle-Skill, and High-Skill Workers Causing Revenue Declines and Other Headaches for Employers, TrueBlue’s Latest Study Finds

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TACOMA, Wash.–(BUSINESS WIRE)–While there has been a lot of discourse around the shortage of high-skill workers in the U.S., a new study by staffing giant TrueBlue shows a significant percentage of employers are also struggling with deficits in low-skill and middle-skill workers – and dealing with a host of business challenges as a result.

According to TrueBlue’s nationwide survey, which included nearly 1,500 managers (HR, operational, and business), skills shortages are widening across skills categories:

  • 32% of managers can’t find workers to fill low-skill positions (generally classified as those that may or may not require a high school diploma and require little to no experience)
  • 46% can’t find workers for middle-skill jobs (typically require some experience and continuing education such as college courses, an apprenticeship or certification, but don’t necessarily require a four-year college degree)
  • 35% can’t find workers for high-skill jobs (typically require a four-year degree or higher and specialized experience)

Low unemployment coupled with globalization, accelerated technology advancement, and evolving work models are creating talent deficits across all skill levels within organizations,” said Patrick Beharelle, CEO of TrueBlue. “The skills supply is not keeping up with demand, which is fueling a greater intensity in an already competitive labor market and adversely impacting productivity, service quality, and revenue growth for businesses.”

Impact of Talent Shortages on Businesses

The top three business challenges managers are experiencing due to prolonged job vacancies within their organizations include:

  • Quality – More than a third of managers (35%) reported that extended job vacancies have caused lower product or service quality.
  • Turnover – 25% have seen higher employee turnover.
  • Revenue – 23% said their companies experienced a decline in revenue.

To address talent shortages and minimize associated business impact, 2 in 5 companies (41 percent) reported that they plan to raise compensation for entry-level workers and nearly half (46 percent) plan to train and hire the long-term unemployed in the coming year.

Survey Methodology

This SurveyMonkey survey was conducted online in the U.S. by TrueBlue between September 23 and October 15, 2019. It included 1,499 managers (HR, operations and general). The survey was across regions, industries, and company sizes.

About TrueBlue

TrueBlue (NYSE: TBI) is a global leader in specialized workforce solutions that help clients achieve business growth and improve productivity. In 2018, the company connected approximately 730,000 people with work. TrueBlue’s PeopleReady segment offers on-demand industrial staffing services, PeopleManagement offers contingent and productivity-based, on-site industrial staffing and driver staffing services, and PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions to a wide variety of industries. Learn more at www.trueblue.com.

Contacts

Jennifer Grasz

Vice President, Corporate Communications

jgrasz@trueblue.com
(312) 840-6327

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Law Firm of Estey & Bomberger Reports: Uber Says Nearly 6,000 Rapes, Sexual Assaults Occurred in Two-year Period

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SAN DIEGO–(BUSINESS WIRE)–The law firm of Estey & Bomberger reported today that Uber’s long-awaited sexual assault report was released Dec. 5, with the ride-hailing company admitting that 5,981* passengers and drivers were raped or sexually assaulted between 2017-2018.

“I applaud Uber for releasing the data that acknowledges there is a problem with sexual assaults occurring in rideshare. While we believe these assaults were preventable, Uber’s report represents a tremendous step for ride-hailing safety,” said Estey & Bomberger attorney Mike Bomberger. “I think there are many positive measures Uber is taking. However, Uber still has an obligation to help the victims who have been raped and assaulted and facing a lifetime of emotional pain. They will need ongoing therapy.”

Estey & Bomberger represents more than 100 ride-hailing sexual assault victims.

“It’s important to remember when reading this report that only one in three women report their sexual assault,” Bomberger said. “Therefore, the number of women who have been sexually assaulted is certainly much higher than reported here.”

Bomberger reiterated his call for all ride-hailing trips to be digitally recorded.

“We’re pleased that Uber is now testing cameras in Texas. That’s the real solution to this problem – if drivers know they’re being recorded they won’t rape and assault,” Bomberger said.

Estey & Bomberger is asking Lyft and Uber sexual assault victims, along with former employees of the ride-sharing firms, to contact its office by calling 866-964-1708 or emailing info@lyftsexualassaultlawyers.com.

*statistic courtesy NPR “Uber Received Nearly 6,000 U.S. Sexual Assault Claims in Past 2 Years,” Dec. 5, 2019.

Contacts

for Estey & Bomberger

Ed Vasquez, 408-420-6558

ed@ejvcommunications.com

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Best’s Market Segment Report: AM Best Maintains Global Reinsurance Market Outlook at Stable

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OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has maintained a market segment outlook of stable on the global reinsurance industry for 2020, citing a stabilized pricing environment — albeit at levels below long-term adequacy — the continuing alignment between traditional and third-party capital and ongoing stability in the global life reinsurance segment.

A new Best’s Market Segment Report, titled, “Market Segment Outlook: Global Reinsurance,” states that although rates in the non-life reinsurance market have improved modestly, pricing has not kept adequate pace with the changing risk dynamics, as illustrated by loss development from events such as hurricanes Irma and Maria and Typhoon Jebi, and potential losses from more-recent events (e.g., Hurricane Dorian). Property catastrophe pricing still is being driven by the availability of third-party capital; however, the increasing interdependence between traditional capacity and third-party capital through joint ventures, retrocession and direct ownership should serve to more closely align return objectives for the market overall. Third-party capital also represents a benefit in the form of stabilized earnings of rated balance sheets, due to tail risk being assumed by this capital.

Overall market conditions are improving, but AM Best remains concerned about insufficient rate adequacy relating to certain U.S. casualty lines, a steady decline in the benefit of favorable reserve releases and the pervasive low interest rate environment. The collective effect of these factors requires underwriting discipline, and failure to react to these pressures could adversely affect the segment.

The report outlines other factors that are driving the stable market segment outlook, including:

  • AM Best believes alternative third-party capital will hold the line on future return expectations following the recent heavy catastrophe loss years;
  • A decline in capital consumption and earnings volatility, due in part to the increased utilization of third-party capital in retrocessionaire programs;
  • Greater emphasis on underwriting discipline due to pressure on interest rates and potential slower economic growth globally;
  • Improving pricing momentum driven by higher loss costs, coupled with lower loss reserve redundancies;
  • Increased demand for non-life reinsurance due to primary companies’ recent loss experience, as well as new risk transfer opportunities and mergers and acquisitions;
  • Stable operating performance among life reinsurers, which continue to maintain defensible market positions and offer services beyond risk transfer that create hurdles for new entrants.

To access the full copy of the overall global reinsurance briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=292334.

Separate briefings on the non-life and life reinsurance segments can be viewed at:

To view a video with AM Best Associate Director Scott Mangan about the global reinsurance market segment outlook, please visit http://www.ambest.com/v.asp?v=globalreoutlook1219.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates.

ALL RIGHTS RESERVED.

Contacts

Robert DeRose
Senior Director
+1 908 439 2200, ext. 5435
robert.derose@ambest.com

Greg Carter
Managing Director
+44 20 7397 0288
greg.carter@ambest.com

Michael Porcelli, FSA
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

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