Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset ...
June 02 2017 - 07:55PM
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 May 31, 2017.
As of May 31, 2017, the Fund’s net assets were $426 million, and
its net asset value per share was $11.61. As of May 31, 2017, the
Fund’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 453% and the Fund’s
asset coverage ratio under the 1940 Act with respect to total
leverage (debt and preferred stock) was 330%.
Kayne Anderson Energy Total Return
Fund, Inc.
Statement of Assets and Liabilities May 31, 2017
(Unaudited) (in millions) Per Share
Investments $ 610.4 $ 16.65 Cash and cash equivalents 1.3 0.03
Deposits 0.3 0.01 Accrued income 2.6 0.07 Other assets 0.8
0.02 Total assets 615.4 16.78 Term loan
20.0 0.54 Notes 115.0 3.14 Unamortized notes issuance costs (0.5 )
(0.01 ) Preferred stock 50.0 1.36 Unamortized preferred stock
issuance costs (0.3 ) (0.01 ) Total leverage
184.2 5.02 Payable for securities
purchased 2.4 0.07 Other liabilities 2.9 0.08
Total liabilities 5.3 0.15 Net assets $ 425.9
$ 11.61 The Fund had 36,668,630 common shares
outstanding as of May 31, 2017.
As of May 31, 2017, equity and debt investments were 88% and
12%, respectively, of the Fund’s long-term investments of $610
million. Long-term investments were comprised of MLP and MLP
Affiliate (39%), Midstream Company (29%), Marine (19%), Other
Energy (1%) and Debt (12%).
The Fund’s ten largest holdings by issuer at May 31, 2017
were:
Units / Shares(in
thousands)
Amount($
millions)
Percent ofLong-TermInvestments
1. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,082 $49.6
8.1% 2. ONEOK, Inc. (Midstream Company)* 877 43.6 7.1% 3. Plains GP
Holdings, L.P. (MLP) 1,467 39.1 6.4% 4. The Williams Companies,
Inc. (Midstream Company) 1,092 31.2 5.1% 5. Targa Resources Corp.
(Midstream Company) 659 30.3 5.0% 6. Energy Transfer Partners, L.P.
(MLP) 1,353 29.4 4.8% 7. Golar LNG Partners LP (Marine) 1,353 26.7
4.4% 8. KNOT Offshore Partners LP (Marine) 1,158 24.5 4.0% 9.
Capital Product Partners L.P. (Marine) 3,333 24.4 4.0% 10.
Enbridge, Inc. (Midstream Company) 513 19.8 3.2% _____________
* On February 1, 2017, ONEOK, Inc. (“OKE”) and ONEOK Partners,
L.P. (“OKS”) announced an agreement under which OKE will acquire
all common units of OKS in a stock-for-unit transaction. As of May
31, 2017, the Fund did not own any OKS shares.
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/20170602005943/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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