Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
August 02 2016 - 6:20PM
Business Wire
Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”)
(NYSE:KMF) today provided a summary unaudited statement of assets
and liabilities and announced its net asset value and asset
coverage ratios under the Investment Company Act of 1940 (the “1940
Act”) as of July 31, 2016.
As of July 31, 2016, the Fund’s net assets were $336 million and
its net asset value per share was $15.23. As of July 31, 2016, the
Fund’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 446% and the Fund’s
asset coverage ratio under the 1940 Act with respect to total
leverage (debt and preferred stock) was 336%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and Liabilities July 31, 2016
(Unaudited) (in millions) Per
Share Investments $ 477.3 $ 21.66 Cash and cash equivalents 2.1
0.10 Deposits 0.3 0.01 Accrued income 3.6 0.17 Receivable for
securities sold 0.8 0.03 Other assets 1.4 0.06 Total
assets 485.5 22.03 Credit facility 16.0 0.72 Senior notes
91.0 4.13 Preferred stock 35.0 1.59 Total leverage
142.0 6.44 Payable for securities purchased
5.3 0.24 Other liabilities 2.6 0.12 Total liabilities
7.9 0.36 Net assets $ 335.6 $ 15.23 The Fund had
22,034,170 common shares outstanding as of July 31, 2016.
As of July 31, 2016, equity and debt investments were 83% and
17%, respectively, of the Fund’s long-term investments of $477
million. Long-term investments were comprised of Midstream Company
(47%), MLP and MLP Affiliate (33%), Other Energy (3%), and Debt
(17%).
The Fund’s ten largest holdings by issuer at July 31, 2016
were:
Units / Shares(in
thousands)
Amount($ millions)
Percent
ofLong-TermInvestments
1. Enbridge Energy Management, L.L.C. (Midstream MLP) 1,736 $40.1
8.4% 2. Plains GP Holdings, L.P. (Midstream Company) 3,330 35.4
7.4% 3. ONEOK, Inc. (Midstream Company) 710 31.8 6.7% 4. Targa
Resources Corp. (Midstream Company) 577 21.5 4.5% 5. Dynagas LNG
Partners LP (Midstream Company) 1,296 18.3 3.8% 6. Spectra Energy
Corp. (Midstream Company) 477 17.2 3.6% 7. KNOT Offshore Partners
LP (Midstream Company) 802 15.8 3.3% 8. GasLog Partners LP
(Midstream Company) 655 14.4 3.0% 9. Energy Transfer Partners, L.P.
(Midstream MLP) 364 14.4 3.0% 10. Golar LNG Partners LP (Midstream
Company) 752 14.4 3.0%
The Fund is a non-diversified, closed-end management investment
company registered under the Investment Company Act of 1940 whose
common stock is traded on the NYSE. The Fund’s investment objective
is to provide a high level of total return with an emphasis on
making quarterly cash distributions to its stockholders by
investing at least 80% of its total assets in securities of
companies in the Midstream/Energy Sector, consisting of: (a)
Midstream Master Limited Partnerships (“MLPs”), (b) Midstream
Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund
anticipates that the majority of its investments will consist of
investments in Midstream MLPs and Midstream Companies. See Glossary
of Key Terms on page ii of the Prospectus for definitions of
certain key terms.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the
U.S. federal securities laws. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "will" and
similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ from the Fund’s historical experience and
its present expectations or projections indicated in any
forward-looking statements. These risks include, but are not
limited to, changes in economic and political conditions;
regulatory and legal changes; MLP industry risk; leverage risk;
valuation risk; interest rate risk; tax risk; and other risks
discussed in the Fund’s filings with the SEC. You should not place
undue reliance on forward-looking statements, which speak only as
of the date they are made. The Fund undertakes no obligation to
publicly update or revise any forward-looking statements made
herein. There is no assurance that the Fund’s investment objective
will be attained.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160802007044/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Sep 2023 to Sep 2024