Tortoise Energy Independence Fund, Inc. Provides Unaudited Balance Sheet Information and Asset Coverage Ratio Update as of April 30, 2016

May 2, 2016

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LEAWOOD, Kan.–(BUSINESS WIRE)–Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of April 30, 2016, the company’s unaudited total assets were approximately $285.9 million and its unaudited net asset value was $220.6 million, or $15.20 per share.

As of April 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 475 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 balance sheet at April 30, 2016 and a summary of its top 10 holdings.

Unaudited balance sheet

    (in Millions)     Per Share
Investments $ 285.0 $ 19.64
Cash and Cash Equivalents 0.2 0.01
Other Assets 0.7 0.05
Total Assets 285.9 19.70
Credit Facility Borrowings 58.9 4.06
Other Liabilities 6.4 0.44
Net Assets $ 220.6 $ 15.20

14.52 million common shares currently outstanding.

Top 10 holdings (as of April 30, 2016)






Market Value
(in Millions)


% of

EOG Resources, Inc. EOG $ 30.0 10.5%
Pioneer Natural Resources Company PXD 29.8 10.5%
EQT Corporation EQT 19.8 6.9%
Anadarko Petroleum Corporation APC 14.3 5.0%
Occidental Petroleum Corporation OXY 13.9 4.9%
Concho Resources Inc. CXO 11.7 4.1%
Enbridge Energy Management, L.L.C. EEQ 10.1 3.5%
Devon Energy Corporation DVN 9.2 3.2%
Cimarex Energy Co. XEC 8.6 3.0%
Carrizo Oil & Gas, Inc. CRZO 8.0 2.8%


$ 155.4 54.4%

(1) Percent of Investments and Cash Equivalents.

Annual Stockholders’ Meeting

TYG, NTG, TPZ, TTP and NDP will host a combined annual stockholders’ meeting on May 19, 2016 at 10 a.m. CDT at 11550 Ash Street, Suite 300, Leawood, Kan. It will be a business meeting focused specifically on voting matters. Those unable to attend the meeting can join via conference call by dialing (877) 407-9210. A replay of the call will be available by dialing (877) 660-6853 (Conference ID #13632828) until Aug. 19, 2016.

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 March 31, 2016, the adviser had approximately $13.0 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate accounts. For more information, visit

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.

Category: Oil & Gas