Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
July 05 2011 - 6:30PM
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 June 30, 2011.
As of June 30, 2011, the Company’s net assets were $2.1 billion,
and its net asset value per share was $27.91. As of June 30, 2011,
the Company’s asset coverage ratio under the 1940 Act with respect
to senior securities representing indebtedness was 402% and the
Company’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 301%.
Kayne Anderson MLP Investment Company
Balance Sheet June 30, 2011 (Unaudited)
(in millions) Per Share
Investments $ 3,594.5 $ 48.16 Repurchase agreement 2.1 0.03
Deposits 0.4 0.01 Accrued income 0.9 0.01 Receivable for securities
sold 6.1 0.08 Other assets 10.3 0.14 Total assets
3,614.3 48.43 Senior notes 775.0 10.39 Preferred stock
260.0 3.48 Total leverage 1,035.0 13.87
Payable for securities purchased 9.6 0.13 Deferred tax
liability 478.7 6.41 Other liabilities 8.2 0.11 Total
liabilities 496.5 6.65 Net assets $ 2,082.8 $ 27.91
The Company had 74.63 million common shares outstanding as of June
30, 2011.
Long-term investments were comprised of Midstream MLPs (70%),
MLP Affiliates (8%), General Partner MLPs (8%), Shipping MLPs (4%),
Propane MLPs (3%), Upstream MLPs & Other Income Trusts (3%) and
Coal MLPs & Other (4%).
The Company’s ten largest holdings by issuer at June 30, 2011
were:
Units(in thousands)
Amount
($ millions)
Percent of
Long-Term
Investments
1. Enterprise Products Partners L.P. (Midstream MLP) 6,819 294.6
8.2% 2. Kinder Morgan Management, LLC (MLP Affiliate) 3,506 230.0
6.4% 3. Magellan Midstream Partners, L.P. (Midstream MLP) 3,482
208.0 5.8% 4. Plains All American Pipeline, L.P. (Midstream MLP)
2,876 184.1 5.1% 5. MarkWest Energy Partners, L.P. (Midstream MLP)
3,605 173.9 4.8% 6. Energy Transfer Equity, L.P. (General Partner
MLP) 3,772 169.6 4.7% 7. Williams Partners L.P. (Midstream MLP)
3,068 166.2 4.6% 8. Regency Energy Partners LP (Midstream MLP)
5,683 147.0 4.1% 9. Buckeye Partners, L.P. (Midstream MLP) 2,096
128.8 3.6% 10. Inergy, L.P. (Propane MLP) 3,260 115.3 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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