Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
December 02 2016 - 7:45PM
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 November 30, 2016.
As of November 30, 2016, the Fund’s net assets were $384 million
and its net asset value per share was $17.41. As of November 30,
2016, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 455% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 351%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and Liabilities November 30, 2016
(Unaudited) (in millions) Per Share
Investments $ 533.6 $ 24.22 Cash and cash equivalents 1.0 0.04
Deposits 0.3 0.01 Accrued income 2.0 0.09 Other assets 2.1
0.10 Total assets 539.0 24.46 Term loan 27.0 1.22
Senior notes 91.0 4.13 Preferred stock 35.0 1.59
Total leverage 153.0 6.94
Total other liabilities
2.4 0.11 Net assets $ 383.6 $ 17.41
The Fund had 22,034,170 common shares outstanding as of November
30, 2016.
As of November 30, 2016, equity and debt investments were 86%
and 14%, respectively, of the Fund’s long-term investments of $534
million. Long-term investments were comprised of MLP and MLP
Affiliate (42%), Midstream Company (41%), Other Energy (3%), and
Debt (14%).
The Fund’s ten largest holdings by issuer at November 30, 2016
were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent of Long-Term
Investments 1.
Plains GP Holdings, L.P. (Midstream MLP) 1,356 $47.7
8.9 % 2. Enbridge Energy Management, L.L.C. (Midstream MLP) 1,759
43.9 8.2 % 3. ONEOK, Inc. (Midstream Company) 706 38.8 7.3 %
4. Targa Resources Corp. (Midstream Company) 552 29.4 5.5 % 5.
Dynagas LNG Partners LP (Midstream Company) 1,296 20.1 3.8 % 6.
KNOT Offshore Partners LP (Midstream Company) 802 17.5 3.3 % 7.
Golar LNG Partners LP (Midstream Company 752 16.7 3.1 % 8. Spectra
Energy Corp. (Midstream Company)* 406 16.6 3.1 % 9. GasLog Partners
LP (Midstream Company) 730 14.9 2.8 % 10. Energy Transfer Partners,
L.P. (Midstream MLP)** 423 14.8 2.8 % _____________
* On September 6, 2016, Enbridge Inc. (“ENB”) and Spectra Energy
Corp. announced an agreement to combine in a stock-for-stock
merger. As of November 30, 2016, the Fund owned 60 shares ($2.5
million) of ENB.
** On November 21, 2016, Energy Transfer Partners, L.P. and
Sunoco Logistics Partners L.P. (“SXL”) announced an agreement to
combine in a unit-for-unit merger. As of November 30, 2016, the
Fund owned 363 units ($8.6 million) of SXL.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161202005813/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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