Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
December 02 2016 - 7:48PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:KYN)
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 Company’s net assets were $2.2
billion, and its net asset value per share was $19.18. As of
November 30, 2016, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 406% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 296%.
Kayne Anderson MLP Investment
Company
Statement of Assets and Liabilities November 30, 2016
(Unaudited) (in millions) Per Share Investments $ 3,871.6 $
34.05 Cash and cash equivalents 1.0 0.01 Deposits 0.3 - Accrued
income 0.9 0.01 Receivable for securities sold 22.6 0.20 Income tax
receivable 18.4 0.16 Other assets 8.7 0.08 Total
assets 3,923.5 34.51 Term loan 43.0 0.38 Senior notes 767.0
6.74 Preferred stock 300.0 2.64 Total leverage
1,110.0 9.76 Payable for securities purchased 9.6
0.08 Other liabilities 28.3 0.26 Deferred income tax liability
594.8 5.23 Total liabilities 632.7 5.57 Net
assets $ 2,180.8 $ 19.18 The Company had 113,687,509 common
shares outstanding as of November 30, 2016.
Long-term investments were comprised of Midstream MLP (93%),
Midstream Company (4%), General Partner MLP (1%) and Shipping MLP
(2%).
The Company’s ten largest holdings by issuer at November 30,
2016 were:
Units / Shares(in
thousands)
Amount($ millions)
Percent
ofLong-TermInvestments
1. Enterprise Products Partners L.P. (Midstream MLP) 18,731 $485.7
12.5% 2. Williams Partners L.P. (Midstream MLP) 10,902 397.9 10.3%
3. Energy Transfer Partners, L.P. (Midstream MLP)* 10,691 375.5
9.7% 4.
Plains All American Pipeline, L.P.
(Midstream MLP)
8,875 292.4 7.6% 5. ONEOK Partners, L.P. (Midstream MLP) 6,957
290.8 7.5% 6. MPLX LP (Midstream MLP)** 6,833 235.5 6.1% 7. Western
Gas Partners, LP (Midstream MLP)*** 3,841 219.4 5.7% 8. DCP
Midstream Partners, LP (Midstream MLP) 6,054 209.6 5.4% 9. Buckeye
Partners, L.P. (Midstream MLP) 2,748 176.8 4.6% 10. Targa Resources
Corp. (Midstream Company) 3,120 166.3 4.3%
_____________
* 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
Company owned 3,843 units ($91.0 million) of SXL.
** Includes 4,578 common units ($150.4 million) and 2,255
preferred units ($85.1 million).
*** Includes 3,707 common units ($211.6 million) and 134
preferred units ($7.8 million).
Kayne Anderson MLP Investment Company 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 Company's investment objective is to obtain a high
after-tax total return by investing at least 85% of its total
assets in energy-related master limited partnerships and their
affiliates (collectively, “MLPs”), and in other companies that, as
their principal business, operate assets used in the gathering,
transporting, processing, storing, refining, distributing, mining
or marketing natural gas, natural gas liquids (including propane),
crude oil, refined petroleum products or coal.
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/20161202005817/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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