Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
January 04 2011 - 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 December 31, 2010.
As of December 31, 2010, the Company’s net assets were $1.9
billion, and its net asset value per share was $27.33. As of
December 31, 2010, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 410% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 330%.
Kayne Anderson MLP Investment Company
Balance Sheet December 31, 2010 (Unaudited)
(in millions) Per Share
Investments $ 3,080.8 $ 44.99 Repurchase agreement and cash 20.5
0.30 Deposits 0.4 0.01 Accrued income 1.8 0.03 Receivable for
securities sold 3.0 0.04 Other assets 6.9 0.10 Total assets 3,113.4
45.47 Credit facility borrowings 35.0 0.51 Senior notes
620.0 9.05 Preferred stock 160.0 2.34 Total leverage 815.0 11.90
Payable for securities purchased 1.1 0.02 Deferred tax
liability 417.8 6.10 Other liabilities 8.3 0.12 Total liabilities
427.2 6.24 Net assets $ 1,871.2 $ 27.33 The Company
had 68.47 million common shares outstanding as of December 31,
2010.
Long-term investments were comprised of Midstream MLPs (70%),
General Partner MLPs (9%), MLP Affiliates (9%), Propane MLPs (5%),
Shipping MLPs (5%), Upstream MLPs (1%), and Coal MLPs (1%).
The Company’s ten largest holdings by issuer at December 31,
2010 were:
Units(in thousands)
Amount($ millions)
Percent ofLong-TermInvestments
1. Enterprise Products Partners L.P. (Midstream MLP) 6,574 273.5
8.9% 2. Magellan Midstream Partners, L.P. (Midstream MLP) 3,632
205.2 6.7% 3. Kinder Morgan Management, LLC (MLP Affiliate) 3,046
203.7 6.6% 4. Plains All American Pipeline, L.P. (Midstream MLP)
2,876 180.6 5.9% 5. Inergy, L.P. (Propane MLP) 4,112 161.4 5.2% 6.
MarkWest Energy Partners, L.P. (Midstream MLP) 3,490 151.1 4.9% 7.
Williams Partners L.P. (Midstream MLP) 3,151 147.0 4.8% 8. Copano
Energy, L.L.C. (Midstream MLP) 3,350 113.1 3.7% 9. Energy Transfer
Equity, L.P. (General Partner MLP) 2,808 109.7 3.6% 10. Energy
Transfer Partners, L.P. (Midstream MLP) 2,094 108.5 3.5%
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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