Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Cov...
June 02 2017 - 7:55PM
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 May 31, 2017.
As of May 31, 2017, the Fund’s net assets were $344.6 million
and its net asset value per share was $15.64. As of May 31, 2017,
the Fund’s asset coverage ratio under the 1940 Act with respect to
senior securities representing indebtedness was 436% and the Fund’s
asset coverage ratio under the 1940 Act with respect to total
leverage (debt and preferred stock) was 333%.
Kayne Anderson Midstream/Energy Fund,
Inc.
Statement of Assets and Liabilities May 31, 2017
(Unaudited) (in millions) Per Share
Investments $ 492.0 $ 22.33 Cash and cash equivalents 1.1 0.05
Deposits 0.3 0.01 Accrued income 2.0 0.09 Other assets 1.1
0.05 Total assets 496.5 22.53 Term loan
22.0 1.00 Notes 91.0 4.13 Unamortized notes issuance costs (0.4)
(0.02) Preferred stock 35.0 1.58 Unamortized preferred stock
issuance costs (0.3) (0.01) Total leverage
147.3 6.68 Payable for securities purchases 2.4 0.11
Other liabilities 2.2 0.10 Total liabilities
4.6 0.21 Net assets $ 344.6 $ 15.64 The Fund
had 22,034,170 common shares outstanding as of May 31, 2017.
As of May 31, 2017, equity and debt investments were 86% and
14%, respectively, of the Fund’s long-term investments of $492
million. Long-term investments were comprised of Midstream Company
(46%), MLP and MLP Affiliate (38%), Other Energy (2%), and Debt
(14%).
The Fund’s ten largest holdings by issuer at May 31, 2017
were:
Units / Shares
(in
thousands)
Amount
($
millions)
Percent ofLong-TermInvestments
1. ONEOK, Inc. (Midstream Company)* 807 $40.1 8.2% 2. Plains GP
Holdings, L.P. (Midstream MLP) 1,356 36.2 7.4% 3. The Williams
Companies, Inc. (Midstream Company) 1,084 31.0 6.3% 4. Enbridge
Energy Management, L.L.C. (Midstream MLP) 1,840 29.6 6.0% 5. Targa
Resources Corp. (Midstream Company) 552 25.3 5.2% 6. Energy
Transfer Partners, L.P. (Midstream MLP) 997 21.7 4.4% 7. Enbridge,
Inc. (Midstream Company) 477 18.4 3.7% 8. KNOT Offshore Partners LP
(Midstream Company) 802 17.0 3.5% 9. GasLog Partners LP (Midstream
Company) 740 16.2 3.3% 10. Golar LNG Partners LP (Midstream
Company) 752 14.8 3.0%
* 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 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/20170602005944/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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