FOR IMMEDIATE RELEASE

LEAWOOD, Kan. – March 27, 2019 – Tortoise is pleased to announce the launch of Tortoise Essential Assets Income Term Fund. The fund raised $260 million, and should the underwriters exercise their overallotment option in full, which may or may not occur, it will have raised approximately $296 million. The fund’s shares are to commence trading on the NYSE today under the symbol “TEAF.” 

The fund is intended to provide investors with exposure to essential assets sectors across all levels of an issuer’s capital structure, including access to direct investments that may not otherwise be widely available to many investors. The fund will emphasize income-generating investments in social infrastructure, sustainable infrastructure and energy infrastructure. It will provide investors with access to the skill and experience of the Tortoise platform with deep expertise in essential assets and income investing.

“This fund offers differentiated access to what we believe is a unique portfolio of both public as well as direct investments in essential assets that are making a positive social and economic impact in our communities,” said Tortoise Senior Managing Director and Chief Strategy Officer, Michelle Johnston. “One of the key factors that we think makes this a compelling investment opportunity is the significant amount of capital that is needed in essential assets and in our view, the fund is well-positioned to be a strategic provider of capital with attractive return potential.”

“The Tortoise Essential Assets Income Term Fund is a representation of the evolution of Tortoise,” said Managing Director and Closed End Fund CEO, Brad Adams. “The fund draws on Tortoise’s expertise across essential assets and provides a vehicle for owning direct investments in a fund that offers daily liquidity on the NYSE and a daily NAV.”

The underwriting syndicate was led by Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC and Wells Fargo Securities, LLC. Senior co-managers included Oppenheimer & Co. Inc., RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated, and Wedbush Securities Inc. 

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale, of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.  An offer will be made only by means of the prospectus. Investors should consider the fund’s investment objective, risks, fees and expenses carefully before investing. The final prospectus contains this and other information about the fund. Read the final prospectus carefully before investing. A copy of the final prospectus relating to the offering may be obtained, when available from Tortoise by calling 888-870-3088.

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.

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund 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 fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact information
Tortoise

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