Ecofin Sustainable and Social Impact Term Fund (TEAF) Increases its Monthly Distribution 12.5% to $0.09 Per Share
19 Gennaio 2022 - 12:23AM
Business Wire
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)
announced a 12.5% increase in its monthly distributions to $0.09
per share beginning in March and payable on the dates noted below.
This distribution falls within the managed distribution target
range of 6-8% of the Fund’s trailing average NAV and represents an
annualized distribution rate of 7.05% based on TEAF’s market price
of $15.31 on January 14, 2022.
“This distribution increase demonstrates our constructive view
on the underlying assets in the portfolio over a full cycle,” said
Nick Holmes, Managing Director and Portfolio Manager. “Our
conviction behind the shift to more sustainable investments remains
strong as does our view of the expected long-term total return of
the portfolio with its diversified asset base and income streams.
As a result, we expect to monetize a portion of the total return
over time and deliver that return to shareholders in the form of
distributions.”
Upcoming distribution dates and amounts
TEAF monthly distributions are payable on March 31, 2022, April
29, 2022, and May 31, 2022, to shareholders of record on the
respective dates of March 24, 2022, April 22, 2022, and May 24,
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.
Monthly portfolio update
Additionally, an update on TEAF’s direct investments, portfolio
asset allocation, structure types and impact statistics as of
December 31, 2021 are provided on the company website here. On a
monthly basis, details on each private deal that has taken place in
the prior month will be published here. The list includes all deals
completed since the fund’s inception through December 31, 2021.
Updates will continue to be posted on a monthly basis until the
fund reaches its target of 60% direct investments.
For additional information on this fund, please visit
https://cef.ecofininvest.com/funds/teaf/.
TCA Advisors is the adviser to Ecofin Sustainable and Social
Impact Term Fund and Ecofin Advisors Limited is the fund’s
sub-adviser.
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/20220118006276/en/
Jen Ashlock, (913) 981-1020 info@tortoiseecofin.com.
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