Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
October 03 2016 - 8:15PM
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 September 30, 2016.
As of September 30, 2016, the Fund’s net assets were $380
million and its net asset value per share was $17.24. As of
September 30, 2016, the Fund’s asset coverage ratio under the 1940
Act with respect to senior securities representing indebtedness was
495% and the Fund’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 371%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and
LiabilitiesSeptember 30, 2016(Unaudited)
(in millions) Per Share
Investments $ 519.6 $ 23.58 Cash and cash equivalents 1.5 0.07
Deposits 0.3 0.01 Accrued income 1.7 0.08 Receivable for securities
sold 3.3 0.15 Other assets 1.3 0.06 Total assets
527.7 23.95 Credit facility 14.0 0.64 Senior notes 91.0 4.13
Preferred stock 35.0 1.59 Total leverage 140.0
6.36 Payable for securities purchased 5.8 0.26 Other
liabilities 2.0 0.09 Total liabilities 7.8 0.35
Net assets $ 379.9 $ 17.24
The Fund had 22,034,170 common shares
outstanding as of September 30, 2016.
As of September 30, 2016, equity and debt investments were 85%
and 15%, respectively, of the Fund’s long-term investments of $520
million. Long-term investments were comprised of Midstream Company
(50%), MLP and MLP Affiliate (32%), Other Energy (3%), and Debt
(15%).
The Fund’s ten largest holdings by issuer at September 30, 2016
were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent
ofLong-TermInvestments
1. Plains GP Holdings, L.P. (Midstream Company) 3,611 $46.7
9.0%
2. Enbridge Energy Management, L.L.C. (Midstream MLP) 1,719 43.7
8.4% 3. ONEOK, Inc. (Midstream Company) 706 36.3 7.0% 4. Targa
Resources Corp. (Midstream Company) 588 28.9 5.6% 5. Dynagas LNG
Partners LP (Midstream Company) 1,296 20.1 3.9% 6. Spectra Energy
Corp. (Midstream Company)* 406 17.4 3.3% 7. KNOT Offshore Partners
LP (Midstream Company) 802 16.7 3.2% 8. GasLog Partners LP
(Midstream Company) 730 15.9 3.1% 9. Golar LNG Partners LP
(Midstream Company) 752 14.8 2.8% 10. The Williams Companies, Inc.
(Midstream Company) 460 14.1 2.7% _____________
* On September 6, 2016, Enbridge Inc. (“ENB”) and Spectra Energy
Corp. announced an agreement to combine in a stock-for-stock
merger. As of September 30, 2016, the Fund owned 60 shares ($2.7
million) of ENB.
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/20161003006627/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Apr 2023 to Apr 2024