Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset ...
April 03 2017 - 08:50PM
Business Wire
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”)
(NYSE:KYE) 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 March 31, 2017.
As of March 31, 2017, the Fund’s net assets were $488 million,
and its net asset value per share was $13.34. As of March 31, 2017,
the Fund’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 466% and the Fund’s
asset coverage ratio under the 1940 Act with respect to total
leverage (debt and preferred stock) was 348%.
Kayne Anderson Energy Total Return
Fund, Inc.
Statement of Assets and Liabilities March 31, 2017
(Unaudited) (in millions)
Per Share Investments $ 683.9 $ 18.71 Cash and cash equivalents 1.1
0.03 Deposits 0.3 0.01 Accrued income 2.2 0.06 Receivable for
securities sold 3.8 0.10 Other assets 1.8 0.05 Total
assets 693.1 18.96 Term loan 32.0 0.87 Senior notes 115.0
3.15 Preferred stock 50.0 1.37 Total leverage
197.0 5.39 Payable for securities purchased 6.2 0.17
Other liabilities 2.0 0.06 Total liabilities 8.2 0.23
Net assets $ 487.9 $ 13.34 The Fund had 36,558,050
common shares outstanding as of March 31, 2017.
As of March 31, 2017, equity and debt investments were 88% and
12%, respectively, of the Fund’s long-term investments of $684
million. Long-term investments were comprised of MLP and MLP
Affiliate (39%), Midstream Company (29%), Marine (18%), Other
Energy (2%) and Debt (12%).
The Fund’s ten largest holdings by issuer at March 31, 2017
were:
Units / Shares
(in
thousands)
Amount
($
millions)
Percent of Long-Term
Investments
1. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,023 $55.7
8.1% 2. ONEOK, Inc. (Midstream Company)* 877 48.6 7.1% 3. Plains GP
Holdings, L.P. (MLP) 1,467 45.9 6.7% 4. Targa Resources Corp.
(Midstream Company) 659 39.5 5.8% 5. The Williams Companies, Inc.
(Midstream Company) 1,092 32.3 4.7% 6. Golar LNG Partners LP
(Marine) 1,353 30.2 4.4% 7. KNOT Offshore Partners LP (Marine)
1,158 27.0 3.9% 8. Capital Product Partners L.P. (Marine) 3,333
24.8 3.6% 9. Energy Transfer Partners, L.P. (MLP)** 621 22.7 3.3%
10. Enbridge, Inc. (Midstream Company) 513 21.5 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. On a combined basis, OKE and OKS represent 8.0% of
long-term investments as of March 31, 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 4.8% of long-term investments as of March 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 obtain a high total return with an emphasis on current income
by investing primarily in securities of companies engaged in the
energy industry, principally including publicly-traded
energy-related master limited partnerships and limited liability
companies taxed as partnerships and their affiliates, and other
companies that derive at least 50% of their revenues from operating
assets used in, or providing energy-related services for, the
exploration, development, production, gathering, transportation,
processing, storing, refining, distribution, mining or marketing of
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/20170403006696/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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