Kayne Anderson Energy Development Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asse...
September 02 2016 - 10:00PM
Business Wire
Kayne Anderson Energy Development Company (the “Company”)
(NYSE:KED) 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 August 31, 2016.
As of August 31, 2016, the Company’s net assets were $206
million, and its net asset value per share was $19.28. As of August
31, 2016, the Company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
421% and the Company’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 312%.
Kayne Anderson Energy Development
Company
Statement of Assets and Liabilities August 31, 2016
(Unaudited) (in millions)
Per Share Investments $ 319.9 $ 29.94 Cash and cash
equivalents 1.8 0.17 Accrued income 0.1 0.01 Receivable for
securities sold 2.0 0.18 Income tax receivable 17.4 1.63 Other
assets 1.1 0.10 Total assets 342.3 32.03 Term loan and
credit facility 72.0 6.74 Preferred stock 25.0 2.34 Total leverage
97.0 9.08 Payable for securities purchased 2.6 0.24 Other
liabilities 1.7 0.16 Deferred income tax liability 35.0 3.27 Total
liabilities 39.3 3.67 Net assets $ 206.0 $ 19.28 The
Company had 10,686,056 common shares outstanding as of August 31,
2016.
Long-term investments were comprised of Midstream MLP (87%),
Midstream Company (6%), General Partner MLP (4%) and Shipping MLP
(3%).
The Company’s ten largest holdings by issuer at August 31, 2016
were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent
ofLong-TermInvestments
1. Energy Transfer Partners, L.P. (Midstream MLP) 897 $35.8 11.2%
2. Williams Partners L.P. (Midstream MLP) 836 31.9 10.0% 3. ONEOK
Partners, L.P. (Midstream MLP) 662 25.6 8.0% 4. Western Gas
Partners, LP (Midstream MLP)* 478 24.5 7.6% 5. Enterprise Products
Partners L.P. (Midstream MLP) 851 22.5 7.0% 6. Targa Resources
Corp. (Midstream Company) 402 17.5 5.5% 7. Sunoco Logistics
Partners L.P. (Midstream MLP) 554 16.4 5.1% 8. MPLX LP (Midstream
MLP) 373 12.4 3.9% 9. Plains GP Holdings, L.P. (General Partner
MLP) 918 10.4 3.3% 10. DCP Midstream Partners, LP (Midstream MLP)
318 10.4 3.3% _____________ * Includes 344 common units ($17.3
million) and 134 preferred units ($7.2 million).
The Company is a non-diversified, closed-end investment company
registered under the Investment Company Act of 1940. The Company's
investment objective is to generate both current income and capital
appreciation primarily through equity and debt investments. The
Company will seek to achieve this objective by investing at least
80% of its net assets together with the proceeds of any borrowings
(its "total assets") in securities of companies that derive the
majority of their revenue from activities in the energy industry,
including: (a) Midstream Energy Companies, which are businesses
that operate assets used to gather, transport, process, treat,
terminal and store natural gas, natural gas liquids, propane, crude
oil or refined petroleum products; (b) Upstream Energy Companies,
which are businesses engaged in the exploration, extraction and
production of natural resources, including natural gas, natural gas
liquids and crude oil, from onshore and offshore geological
reservoirs; and (c) Other Energy Companies, which are businesses
engaged in owning, leasing, managing, producing, processing and
sale of coal and coal reserves; the marine transportation of crude
oil, refined petroleum products, liquefied natural gas, as well as
other energy-related natural resources using tank vessels and bulk
carriers; and refining, marketing and distributing refined energy
products, such as motor gasoline and propane to retail customers
and industrial end-users.
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 materially differ from the Company's historical
experience and its present expectations or projections indicated in
any forward-looking statement. These risks include, but are not
limited to, changes in economic and political conditions;
regulatory and legal changes; energy industry risk; commodity
pricing risk; leverage risk; valuation risk; non-diversification
risk; interest rate risk; tax risk; and other risks discussed in
the Company'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 Company undertakes no obligation to
publicly update or revise any forward-looking statements made
herein. There is no assurance that the Company's investment
objectives will be attained.
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version on businesswire.com: http://www.businesswire.com/news/home/20160902005724/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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