Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
September 02 2010 - 5:49PM
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 August 31, 2010.
As of August 31, 2010, the Company’s net assets were $1.6
billion and its net asset value per share was $23.96. As of August
31, 2010, the Company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
459% and the Company’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 374%.
Kayne Anderson MLP Investment Company Balance
Sheet August 31, 2010 (Unaudited)
(in millions)
Per Share
Investments $ 2,467.2 $ 36.61 Repurchase agreement and cash 18.8
0.28 Deposits 0.3 0.00 Accrued income 1.2 0.02 Receivable for
securities sold 0.7 0.01 Other assets 5.7 0.08 Total
assets 2,493.9 37.00 Senior notes 480.0 7.12 Preferred stock
110.0 1.63 Total leverage 590.0 8.75
Payable for securities purchased 11.3 0.17 Deferred tax
liability 262.2 3.89 Other liabilities 15.7 0.23
Total liabilities 289.2 4.29 Net assets $ 1,614.7 $ 23.96
67.40 million common shares currently outstanding
Long-term investments were comprised of Midstream MLPs (68%),
General Partner MLPs (11%), MLP Affiliates (9%), Propane MLPs (4%),
Shipping (5%), Upstream MLPs (2%), and Coal (1%).
The Company’s ten largest holdings by issuer at August 31, 2010
were:
Units/Par ($)(in thousands)
Amount($ millions)
Percent ofLong-TermInvestments
1. Magellan Midstream Partners, L.P. (Midstream MLP) 3,700 179.0
7.3% 2. Enterprise Products Partners L.P. (Midstream MLP) 4,821
178.2 7.2% 3. Plains All American Pipeline, L.P. (Midstream MLP)
2,876 172.7 7.0% 4. Kinder Morgan Management, LLC (MLP Affiliate)
2,816 166.3 6.7% 5. MarkWest Energy Partners, L.P. (Midstream MLP)
3,858 128.5 5.2% 6. Inergy, L.P. (Propane MLP) 2,910 108.4 4.4% 7.
Williams Partners L.P. (Midstream MLP) 2,189 92.2 3.7% 8. Energy
Transfer Equity, L.P. (General Partner MLP) 2,648 92.0 3.7% 9.
Copano Energy, L.L.C. (Midstream MLP) 3,510 88.2 3.6% 10. Enbridge
Energy Partners, L.P. (Midstream MLP) 1,566 84.2 3.4%
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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