Tortoise Essential Assets Income Term Fund (NYSE: TEAF) Announces Initial Distribution Schedule and Amounts

FOR IMMEDIATE RELEASE

LEAWOOD, Kan. – April 29, 2019 –Tortoise Essential Assets Income Term Fund (NYSE: TEAF) today declared its initial monthly distributions of $0.1085 per month payable as set forth below. On an annualized basis, these amounts achieve the fund’s distribution rate target and represent a 6.51% distribution rate on its $20.00 public offering price.  

The Tortoise Essential Assets Income Fund seeks to provide a high level of total return with an emphasis on current distributions. The fund is intended to provide investors with differentiated access to a unique portfolio of public securities and uncorrelated direct investments in income-generating essential asset investments in social infrastructure, sustainable infrastructure and energy infrastructure.

“We are pleased that we have achieved full investment of the IPO proceeds and leverage as planned,” said Managing Director and Closed-End Fund CEO, Brad Adams. “We are now focused on making direct investments and we are very pleased that TEAF is already making an impact in communities and for our investors.”  

For book purposes, TEAF’s source of distributions are estimated to be 80-90% 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.

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.

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 Tortoise Capital Advisors 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 Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Contact information
Tortoise

Pam Kearney, Investor and Public Relations, (866) 362-9331, pkearney@tortoiseadvisors.com