Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
March 02 2017 - 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 February 28, 2017.
As of February 28, 2017, the Fund’s net assets were $392 million
and its net asset value per share was $17.78. As of February 28,
2017, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 456% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 353%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and
LiabilitiesFebruary 28, 2017(Unaudited)
(in millions) Per Share Investments $ 546.9 $ 24.82
Cash and cash equivalents 1.4 0.06 Deposits 0.2 0.01 Accrued income
1.8 0.08 Receivables for securities sold 0.6 0.03 Other assets 2.0
0.09 Total assets 552.9 25.09 Term loan 29.0 1.31 Senior
notes 91.0 4.13 Preferred stock 35.0 1.59 Total leverage 155.0 7.03
Payable for securities purchased 3.2 0.15 Other liabilities
3.0 0.13 Total liabilities 6.2 0.28 Net assets $ 391.7 $
17.78 The Fund had 22,034,170 common shares outstanding as
of February 28, 2017.
As of February 28, 2017, equity and debt investments were 86%
and 14%, respectively, of the Fund’s long-term investments of $547
million. Long-term investments were comprised of Midstream Company
(46%), MLP and MLP Affiliate (38%), Other Energy (2%), and Debt
(14%).
The Fund’s ten largest holdings by issuer at February 28, 2017
were:
Units / Shares(in
thousands)
Amount($ millions)
Percent
ofLong-TermInvestments
1. Plains GP Holdings, L.P. (Midstream MLP) 1,356 $44.6 8.1% 2.
ONEOK, Inc. (Midstream Company)* 807 43.6 8.0% 3. Enbridge Energy
Management, L.L.C. (Midstream MLP) 1,805 31.4 5.7% 4. Targa
Resources Corp. (Midstream Company) 552 31.2 5.7% 5. The Williams
Companies, Inc. (Midstream Company) 1,084 30.7 5.6% 6. Enbridge,
Inc. (Midstream Company) 477 20.0 3.7% 7. KNOT Offshore Partners LP
(Midstream Company) 802 17.7 3.2% 8. GasLog Partners LP (Midstream
Company) 740 17.6 3.2% 9. Golar LNG Partners LP (Midstream Company)
752 16.9 3.1% 10. Energy Transfer Partners, L.P. (Midstream MLP)**
423 16.0 2.9% _____________
* On February 1, 2017, ONEOK, Inc. (“OKE”)
and ONEOK Partners, L.P. (“OKS”) announced an agreement tocombine
in a stock-for-unit merger transaction. On a combined basis, OKE
and OKS represent 9.1% of long-terminvestments as of February 28,
2017.
** On November 21, 2016, Energy Transfer
Partners, L.P. (“ETP”) and Sunoco Logistics Partners L.P.
(“SXL”)announced an agreement to combine in a unit-for-unit merger.
On a combined basis, ETP and SXL represent 4.6%of long-term
investments as of February 28, 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/20170302006506/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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