Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
June 02 2017 - 7:56PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) 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 Company’s net assets were $2.1 billion,
and its net asset value per share was $18.42. As of May 31, 2017,
the Company’s asset coverage ratio under the 1940 Act with respect
to senior securities representing indebtedness was 393% and the
Company’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 289%.
Kayne Anderson MLP Investment
Company
Statement of Assets and Liabilities May 31, 2017
(Unaudited) (in millions) Per Share
Investments $ 3,841.0 $ 33.61 Cash and cash equivalents 1.2 0.01
Deposits 0.3 - Accrued income 0.4 - Receivable for securities sold
0.1 - Income tax receivable 7.9 0.07 Other assets 1.9
0.02 Total assets 3,852.8 33.71 Term loan 72.0
0.63 Notes 747.0 6.54 Unamortized notes issuance costs (3.2 ) (0.03
) Preferred stock 292.0 2.55 Unamortized preferred stock issuance
costs (2.6 ) (0.02 ) Total leverage 1,105.2
9.67 Other liabilities 28.7 0.25
Deferred income tax liability 613.8 5.37
Total liabilities 642.5 5.62 Net assets $ 2,105.1
$ 18.42 The Company had 114,279,700 common
shares outstanding as of May 31, 2017.
Long-term investments were comprised of Midstream MLP (93%),
Midstream Company (5%) and Shipping MLP (2%).
The Company’s ten largest holdings by
issuer at May 31, 2017 were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent of Long-Term
Investments 1. Enterprise
Products Partners L.P. (Midstream MLP) 19,940 $534.6
13.9% 2. Energy Transfer Partners, L.P. (Midstream MLP) 19,879
432.6 11.3% 3. Williams Partners L.P. (Midstream MLP) 8,757
343.0 8.9% 4. ONEOK Partners, L.P. (Midstream MLP)* 5,466 267.4
7.0% 5. MPLX LP (Midstream MLP)** 7,009 241.1 6.3% 6. Plains All
American Pipeline, L.P. (Midstream MLP) 8,962 237.3 6.2% 7. Western
Gas Partners, LP (Midstream MLP) 3,841 214.1 5.6% 8. Buckeye
Partners, L.P. (Midstream MLP) 2,871 183.7 4.8% 9. DCP Midstream
Partners, LP (Midstream MLP) 5,110 172.6 4.5% 10. Magellan
Midstream Partners, L.P. (Midstream MLP) 2,104 152.7 4.0%
_____________
*
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 Company did not own any OKE
shares.
**
Includes 4,753 common units ($157.1
million) and 2,256 preferred units ($84.0 million).
Kayne Anderson MLP Investment Company 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 Company's investment objective is to obtain a high
after-tax total return by investing at least 85% of its total
assets in energy-related master limited partnerships and their
affiliates (collectively, “MLPs”), and in other companies that, as
their principal business, operate assets used in the gathering,
transporting, processing, storing, refining, distributing, mining
or marketing 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/20170602005949/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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