Tortoise Energy Independence Fund, Inc. announces a share repurchase program for 87,684 shares, representing 5% of its outstanding shares.
October 02, 2023 at 12:00 am EDT
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Tortoise Energy Independence Fund, Inc. (NYSE:NDP) announces a share repurchase program. Under the offer, the fund will repurchase up to 87,684 shares, representing 5% of its outstanding shares. The shares will be purchased at a price equal to 98% of the net asset value per share as on November 1, 2023. The purpose of the tender offer is to provide liquidity to investors who hold shares in the Fund. The offer will be funded from cash, liquid securities in the Fund?s investment portfolio or borrowings. If more shares than the Offer amount are properly tendered and not withdrawn prior to the date the offer expires, the fund will purchase the offer amount on a pro rata basis. The offer will expire on November 1, 2023, unless extended. As of September 25, 2023, the fund had 1,753,698 issued and outstanding shares.
Steven F. Carman of Husch Blackwell LLP acted as legal advisors and Georgeson LLC acted as information agent and Computershare Inc. and Computershare Trust Company, N.A. acted as depositary to the fund.
Tortoise Energy Independence Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company focused on North American crude oil and natural gas production. The Fund's primary investment objective is to seek a high level of total return with an emphasis on current distributions. The Fund invests primarily in equity securities of upstream North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a significant presence in North American oil and gas fields, including shale reservoirs. The Fund is focused on investing at least 80% of its total assets in equity securities of North American energy companies, including at least 50% of its total assets in equity securities of upstream energy companies. It may invest approximately 35% of its total assets in securities of non-United States issuers. Tortoise Capital Advisors, L.L.C. serves as the Fund's investment advisor.