Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset ...
July 03 2017 - 5:39PM
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 June 30, 2017.
As of June 30, 2017, the Fund’s net assets were
$425 million, and its net asset value per share was $11.59. As of
June 30, 2017, the Fund’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
425% and the Fund’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 317%.
Kayne Anderson Energy Total Return Fund Statement
of Assets and Liabilities June 30, 2017
(Unaudited) (in millions) Per Share
Investments $ 601.5 $ 16.40 Cash and cash equivalents 12.9 0.35
Deposits 0.2 0.01 Accrued income 2.3 0.06 Receivable for securities
sold 5.3 0.15 Other assets 0.7 0.02
Total assets 622.9 16.99 Term loan 31.0 0.84 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 195.2
5.32 Other liabilities 2.9 0.08
Net assets $ 424.8 $ 11.59 The
Fund had 36,668,630 common shares outstanding as of June 30, 2017.
As of June 30, 2017, equity and debt investments were 89% and
11%, respectively, of the Fund’s long-term investments of $602
million. Long-term investments were comprised of MLP and MLP
Affiliate (39%), Midstream Company (29%), Marine (20%), Other
Energy (1%) and Debt (11%).
The Fund’s ten largest holdings by issuer at
June 30, 2017 were:
Units / Shares(in
thousands)
Amount($
millions)
Percent of Long-Term
Investments
1. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,082 $47.5
7.9% 2. ONEOK, Inc. (Midstream Company) 877 45.7 7.6% 3.
Plains GP Holdings, L.P. (MLP) 1,467 38.4 6.4% 4. The Williams
Companies, Inc. (Midstream Company) 1,008 30.5 5.1% 5. Targa
Resources Corp. (Midstream Company) 659 29.8 5.0% 6. Energy
Transfer Partners, L.P. (MLP) 1,353 27.6 4.6% 7. Golar LNG Partners
LP (Marine) 1,353 27.2 4.5% 8. KNOT Offshore Partners LP (Marine)
1,158 26.6 4.4% 9. Capital Product Partners L.P. (Marine) 3,333
24.6 4.1% 10. Enbridge, Inc. (Midstream Company) 513 20.4 3.4%
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/20170703005642/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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