Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
November 02 2009 - 6:18PM
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 October 31,
2009.
As of October 31, 2009, the Company’s
net assets were $982 million and its net asset value per share was
$19.04. As of October 31, 2009, the Company’s asset coverage ratio
under the 1940 Act with respect to senior securities representing
indebtedness was 377% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 315%.
Kayne Anderson MLP Investment Company
Balance Sheet October 31, 2009 (Unaudited) (in
millions) Investments $ 1,499.9 Repurchase agreements and cash 0.5
Accrued income 14.2 Receivable for securities sold 4.3 Other assets
2.1 Total assets 1,521.0 Short-term borrowings 77.0
Senior notes 304.0 Preferred stock 75.0 Total leverage
456.0 Payable for securities purchased 6.9 Deferred
tax liability 64.4 Other liabilities 11.8 Total liabilities
83.1 Net assets $ 981.9 51.6 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 October 31, 2009
were:
Units/Par ($)(in thousands)
Amount($ millions)
Percent ofLong-TermInvestments
1. Plains All American Pipeline, L.P. (Midstream MLP) 2,876 137.6
9.2% 2. Magellan Midstream Partners, L.P. (Midstream MLP) 3,033
117.8 7.9% 3. Enterprise Products Partners L.P. (Midstream MLP)
4,118 115.5 7.7% 4. Inergy, L.P. (Propane MLP) 3,245 100.5 6.7% 5.
Kinder Morgan Management, LLC (MLP Affiliate) 1,868 87.4 5.8% 6.
Energy Transfer Partners, L.P. (Midstream MLP) 1,905 82.6 5.5% 7.
MarkWest Energy Partners, L.P. (Midstream MLP) 3,160 / $2,000 77.7
5.2% 8. Energy Transfer Equity, L.P. (General Partner MLP) 2,490
71.0 4.7% 9. Enbridge Energy Partners, L.P. (Midstream MLP) 1,365
63.4 4.2% 10. Regency Energy Partners LP (Midstream MLP) 2,837 /
$3,000 58.7 3.9%
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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