Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
April 03 2017 - 8:50PM
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 March 31, 2017.
As of March 31, 2017, the Fund’s net assets were $396.3 million
and its net asset value per share was $17.98. As of March 31, 2017,
the Fund’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 462% and the Fund’s
asset coverage ratio under the 1940 Act with respect to total
leverage (debt and preferred stock) was 357%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and Liabilities March 31, 2017
(Unaudited) (in millions) Per
Share Investments $ 550.1 $ 24.96 Cash and cash equivalents 0.5
0.02 Deposits 0.3 0.01 Accrued income 1.4 0.07 Receivables for
securities sold 3.8 0.17 Other assets 1.9 0.09 Total
assets 558.0 25.32 Term loan 28.0 1.27 Senior
notes 91.0 4.13 Preferred stock 35.0 1.59 Total
leverage 154.0 6.99 Payable for securities
purchased 6.2 0.28 Other liabilities 1.5 0.07 Total
liabilities 7.7 0.35 Net assets $ 396.3 $ 17.98 The
Fund had 22,034,170 common shares outstanding as of March 31, 2017.
As of March 31, 2017, equity and debt investments were 86% and
14%, respectively, of the Fund’s long-term investments of $550
million. Long-term investments were comprised of Midstream Company
(46%), MLP and MLP Affiliate (38%), Other Energy (2%), and Debt
(14%).
The Fund’s ten largest holdings by issuer at March 31, 2017
were:
Units / Shares
(in
thousands)
Amount
($
millions)
Percent ofLong-TermInvestments
1. ONEOK, Inc. (Midstream Company)* 807 $44.8 8.1% 2. Plains GP
Holdings, L.P. (Midstream MLP) 1,356 42.6 7.7% 3. Enbridge Energy
Management, L.L.C. (Midstream MLP) 1,805 33.2 6.0% 4. Targa
Resources Corp. (Midstream Company) 552 33.1 6.0% 5. The Williams
Companies, Inc. (Midstream Company) 1,084 32.1 5.8% 6. Enbridge,
Inc. (Midstream Company) 477 20.0 3.6% 7. KNOT Offshore Partners LP
(Midstream Company) 802 18.7 3.4% 8. GasLog Partners LP (Midstream
Company) 740 18.1 3.3% 9. Golar LNG Partners LP (Midstream Company)
752 16.8 3.0% 10. Energy Transfer Partners, L.P. (Midstream MLP)**
423 15.4 2.8% _____________
* 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 9.3%
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 4.4% 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 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170403006700/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Kayne Anderson NextGen E... (NYSE:KMF)
Historical Stock Chart
From Sep 2023 to Sep 2024