Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
June 02 2011 - 6:40PM
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 May 31, 2011.
As of May 31, 2011, the Company’s net assets were $2.1 billion,
and its net asset value per share was $27.53. As of May 31, 2011,
the Company’s asset coverage ratio under the 1940 Act with respect
to senior securities representing indebtedness was 399% and the
Company’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 299%.
Kayne Anderson MLP Investment
Company Balance Sheet May 31, 2011
(Unaudited) (in millions) Per
Share Investments $ 3,544.3 $ 47.49 Repurchase agreement and cash
17.7 0.24 Deposits 0.3 0.00 Accrued income 1.1 0.02 Receivable for
securities sold 9.2 0.12 Other assets 10.4 0.14 Total
assets 3,583.0 48.01 Senior notes 775.0 10.39 Preferred
stock 260.0 3.48 Total leverage 1,035.0
13.87 Payable for securities purchased 5.2 0.07 Deferred tax
liability 461.5 6.18 Other liabilities 26.5 0.36
Total liabilities 493.2 6.61 Net assets $ 2,054.8 $ 27.53
The Company had 74.63 million common shares outstanding as
of May 31, 2011.
Long-term investments were comprised of Midstream MLPs (70%),
MLP Affiliates (8%), General Partner MLPs (8%), Shipping MLPs (4%),
Propane MLPs (4%), Upstream MLPs (2%) and Coal MLPs & Other
(4%).
The Company’s ten largest holdings by issuer at May 31, 2011
were:
Units(in thousands)
Amount
($ millions)
Percent of
Long-Term
Investments
1. Enterprise Products Partners L.P. (Midstream MLP) 6,819 283.9
8.0% 2. Kinder Morgan Management, LLC (MLP Affiliate) 3,506 228.8
6.5% 3. Magellan Midstream Partners, L.P. (Midstream MLP) 3,536
208.9 5.9% 4. Plains All American Pipeline, L.P. (Midstream MLP)
2,876 179.0 5.1% 5. MarkWest Energy Partners, L.P. (Midstream MLP)
3,605 171.3 4.8% 6. Williams Partners L.P. (Midstream MLP) 3,068
162.4 4.6% 7. Energy Transfer Equity, L.P. (General Partner MLP)
3,772 158.9 4.5% 8. Regency Energy Partners LP (Midstream MLP)
5,683 141.4 4.0% 9. Inergy, L.P. (Propane MLP) 3,510 130.2 3.7% 10.
Buckeye Partners, L.P. (Midstream MLP) 1,878 114.8 3.2%
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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