Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
February 02 2017 - 9:20AM
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 January 31, 2017.
As of January 31, 2017, the Fund’s net assets were $393 million
and its net asset value per share was $17.81. As of January 31,
2017, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 439% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 344%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and Liabilities January 31, 2017
(Unaudited) (in millions) Per Share
Investments $ 548.6 $ 24.90 Cash and cash equivalents 1.3 0.06
Deposits 0.2 0.01 Accrued income 4.2 0.19 Receivables for
securities sold 0.5 0.02 Other assets 2.0 0.09 Total
assets 556.8 25.27 Term loan 35.0 1.59 Senior
notes 91.0 4.13 Preferred stock 35.0 1.59 Total
leverage 161.0 7.31 Payable for securities
purchased 0.7 0.03 Other liabilities 2.6 0.12 Total
liabilities 3.3 0.15 Net assets $ 392.5 $ 17.81 The
Fund had 22,034,170 common shares outstanding as of January 31,
2017.
As of January 31, 2017, equity and debt investments were 87% and
13%, respectively, of the Fund’s long-term investments of $549
million. Long-term investments were comprised of Midstream Company
(45%), MLP and MLP Affiliate (40%), Other Energy (2%), and Debt
(13%).
The Fund’s ten largest holdings by issuer at January 31, 2017
were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent
ofLong-TermInvestments
1. Plains GP Holdings, L.P. (Midstream MLP) 1,356 $44.0 8.0% 2.
ONEOK, Inc. (Midstream Company)* 656 36.1 6.6% 3. Enbridge Energy
Management, L.L.C. (Midstream MLP) 1,759 33.1 6.0% 4. Targa
Resources Corp. (Midstream Company) 552 31.8 5.8% 5. The Williams
Companies, Inc. (Midstream Company) 957 27.6 5.0% 6. Golar LNG
Partners LP (Midstream Company) 752 18.6 3.4% 7. Dynagas LNG
Partners LP (Midstream Company) 1,099 18.1 3.3% 8. KNOT Offshore
Partners LP (Midstream Company) 802 17.5 3.2% 9. GasLog Partners LP
(Midstream Company) 740 16.9 3.1% 10. Spectra Energy Corp.
(Midstream Company)** 406 16.9 3.1% _____________ *
On February 1, 2017, ONEOK, Inc. (“OKE”) and ONEOK Partners, L.P.
(“OKS”) announced an agreement to combine in a stock-for-unit
merger transaction. On a combined basis, OKE and OKS represent 8.8%
of long-term investments as of January 31, 2017. ** On
September 6, 2016, Enbridge Inc. (“ENB”) and Spectra Energy
Corp.(“SE”) announced an agreement to combine in a stock-for-stock
merger. On a combined basis, ENB and SE represent 3.5% of long-term
investments as of January 31, 2017.
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/20170202005745/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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