LEAWOOD, Kan. -- February 9, 2016 -- (BUSINESS WIRE) --
Tortoise Energy Independence Fund, Inc. (NDP) today declared a first quarter 2016 distribution of $0.4375 per share, unchanged from fourth quarter 2015. The distribution is payable on Feb. 29, 2016 to stockholders of record on Feb. 22, 2016. The ex-dividend date is Feb. 18, 2016.
While we recognize the current market environment, we are maintaining our quarter-over-quarter distribution, due in part to the covered call premiums we have continued to earn that are enhanced in volatile markets, said Brad Adams, CEO of Tortoise‘s closed-end funds.
For book purposes, the source of distributions for NDP is estimated to be approximately 80 to 85 percent 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.
About Tortoise Energy Independence Fund, Inc.
Tortoise Energy Independence Fund, Inc. (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. As of Jan. 31, 2016, the adviser had approximately $11.6 billion of assets under management across the energy value chain in listed closed-end funds, mutual funds, private funds and separate accounts. For more information, visit www.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.
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.
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