Tortoise Midstream Energy Fund, Inc. announces a share repurchase program for 268,042 shares, representing 5% of its outstanding shares.
October 02, 2023 at 12:00 am EDT
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Tortoise Midstream Energy Fund, Inc. (NYSE:NTG) announces a share repurchase program. Under the offer, the fund will repurchase up to 268,042 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 If more shares than the Offer amount are properly tendered and not withdrawn prior to the date the offer expires, the fund will purchase the offer amount on a pro rata basis.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 5,360,842 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 Midstream Energy Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund primarily invests in 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). The Fund targets midstream energy entities, including master limited partnerships (MLPs) benefiting from the United States natural gas production and global consumption expansion with limited direct commodity exposure. The Fund invests at least 80% of its total investments in equity securities of midstream energy entities in the energy infrastructure sector, including MLPs, with at least 50% of its total investments in equity securities of natural gas infrastructure entities. Tortoise Capital Advisors, L.L.C. serves as an investment advisor of the Fund.