Ecofin Sustainable and Social Impact Term Fund (TEAF) Increases its Monthly Distribution 6.7% to $0.08 Per Share
10 Novembre 2021 - 12:33AM
Business Wire
Additional TEAF announcements include: Upcoming distribution
dates and amounts Availability of third calendar quarter commentary
October monthly portfolio update
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
today announced that the Board approved the adoption of a managed
distribution policy and a 6.7% increase in its monthly
distributions to $0.08 per share beginning in December and payable
on the dates noted below. Based on TEAF’s current price of $14.91,
the distribution represents an annualized distribution rate of
6.44%.
“This distribution increase coincides with the notable
constructive outlook we hold for the underlying assets in the TEAF
portfolio and further shift to sustainable investments moving into
2022. We are confident in the income generation and expected
long-term total return of the portfolio, driven by the low
correlation and differentiated income streams of the underlying
assets, and we expect to monetize a portion of total return over
time and return to shareholders in the form of monthly
distributions,” said Nick Holmes, Managing Director and Portfolio
Manager.
Upcoming distribution dates and amounts
TEAF monthly distributions are payable on December 31, 2021,
January 31, 2022, and February 28, 2022, to shareholders of record
on the respective dates of December 24, 2021, January 24, 2022, and
February 21, 2022.
For book purposes, the source of distributions for TEAF is
estimated to be approximately 90 to 100% 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.
Availability of third calendar quarter commentary
TEAF commentary has been published for the third calendar
quarter of 2021. The commentary piece highlights fund performance
of the public and direct investments in the essential asset sectors
in which the fund invests. A copy of the commentary piece is
available here on the company website.
October monthly portfolio update
Additionally, an update on TEAF’s direct investments, portfolio
asset allocation, structure types and impact statistics as of
October 31, 2021 are provided on the company website here. On a
monthly basis, details on each private deal that has taken place
over the prior month will be published here. The list includes all
deals completed since the fund’s inception through October 31,
2021. Updates will continue to be posted on a monthly basis until
the fund reaches its target of 60% direct investments.
2021 Tax Characterization Information
For tax purposes, 60 to 80% of TEAF’s 2021 distributions are
expected to be characterized as dividend income with the remainder
as return of capital. A final determination of the characterization
will be made in January 2022, and you will receive a form 1099-DIV
for each fund in which you are invested.
For additional information on this fund, please visit
cef.tortoiseecofin.com.
About Ecofin
Ecofin is a sustainable investment firm dedicated to uniting
ecology and finance. Our mission is to generate strong
risk-adjusted returns while optimizing investors’ impact on
society. We are socially minded, ESG-attentive investors,
harnessing years of expertise investing in sustainable
infrastructure, energy transition, clean water & environment
and social impact. Our strategies are accessible through a variety
of investment solutions and seek to achieve positive impacts that
align with UN Sustainable Development Goals by addressing pressing
global issues surrounding climate action, clean energy, water,
education, healthcare and sustainable communities. Ecofin
Investments, LLC is the parent of registered investment advisers
Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively
“Ecofin”). To learn more, please visit www.ecofininvest.com.
Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors)
(“TCA”) is the adviser to Ecofin Sustainable and Social Impact Term
Fund and Ecofin Advisors Limited is the fund’s sub-adviser.
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 TCA 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 TCA do not assume a duty to update
this forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109006626/en/
For more information contact Maggie Zastrow at (913) 981-1020 or
info@tortoiseecofin.com.
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