Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
October 01 2009 - 6:21PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) today provided a summary unaudited balance sheet and announced
its net asset value and asset coverage ratios under the Investment
Company Act of 1940 (the “1940 Act”) as of September 30, 2009.
As of September 30, 2009, the Company’s net assets were $979
million and its net asset value per share was $19.09. As of
September 30, 2009, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 396% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 327%.
Kayne Anderson MLP Investment Company Balance Sheet
September 30, 2009 (Unaudited) (in
millions) Investments $ 1,443.5 Repurchase agreements and cash 4.1
Deposits 24.6 Accrued income 0.7 Receivable for securities sold 1.3
Other assets 2.2 Total assets 1,476.4 Short-term
borrowings 52.0 Senior notes 304.0 Preferred stock 75.0
Total leverage 431.0 Payable for securities purchased
6.1 Deferred tax liability 51.7 Other liabilities 8.4 Total
liabilities 66.2 Net assets $ 979.2 51.3 million
common shares currently outstanding
Long-term investments were comprised of Midstream MLPs (70%),
General Partner MLPs (8%), MLP Affiliates (8%), Propane MLPs (7%),
Shipping (4%), Upstream MLPs (2%), and Coal and Other MLPs
(1%).
The Company’s ten largest holdings by issuer at September 30,
2009 were:
Units/Par ($)(in thousands)
Amount($ millions)
Percent ofLong-TermInvestments
1. Plains All American Pipeline, L.P. (Midstream MLP) 2,876 133.1
9.2% 2. Magellan Midstream Partners, L.P. (Midstream MLP) 2,996
112.6 7.8% 3. Enterprise Products Partners L.P. (Midstream MLP)
3,829 108.4 7.5% 4. Inergy, L.P. (Propane MLP) 3,216 95.8 6.6% 5.
Kinder Morgan Management, LLC (MLP Affiliate) 1,830 86.6 6.0% 6.
Energy Transfer Partners, L.P. (Midstream MLP) 1,845 78.5 5.4% 7.
MarkWest Energy Partners, L.P. (Midstream MLP) 3,056 / $2,000 74.1
5.1% 8. Energy Transfer Equity, L.P. (General Partner MLP) 2,490
69.7 4.8% 9. Copano Energy, L.L.C. (Midstream MLP) 3,370 61.3 4.2%
10. Regency Energy Partners LP (Midstream MLP) 2,758 / $5,000 59.3
4.1%
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, 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 Company'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 Company'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 Company undertakes no
obligation to publicly update or revise any forward-looking
statements made herein. There is no assurance that the Company's
investment objectives will be attained.
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