Tortoise Midstream Energy Fund, Inc. (NYSE : NTG) announces an Equity Buyback for 5% of its outstanding shares of common stock.
August 23, 2022 at 12:00 am
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Tortoise Midstream Energy Fund, Inc. (NYSE : NTG) announces a share repurchase program. Under the program, the fund will repurchase up to 5% of its outstanding shares of common stock at a price equal to 98% of net asset value (NAV). The purpose of the program is to provide liquidity to Shareholders that hold Shares. The program will be funded from cash on hand, the proceeds from the sale of securities and portfolio assets held by the Fund, or borrowings. If Shareholders tender for purchase more Shares than the Fund is offering to purchase during the offering period, the Fund will purchase only a pro rata portion of the Shares tendered by each Shareholder. The program will commence on October 3, 2022 and will expire on November 1, 2022.
Computershare Trust Company, N.A. to act as Depositary and Georgeson LLC to act as Information Agent.
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.