Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
March 04 2013 - 9:20AM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) today provided a summary unaudited statement of assets and
liabilities and announced its net asset value and asset coverage
ratios under the Investment Company Act of 1940 (the “1940 Act”) as
of February 28, 2013.
As of February 28, 2013, the Company’s net assets were $2.7
billion, and its net asset value per share was $30.92. As of
February 28, 2013, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 442% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 313%.
Kayne Anderson MLP Investment
CompanyStatement of Assets and LiabilitiesFebruary
28, 2013(Unaudited) (in millions) Per Share
Investments $ 4,858.0 $ 54.82 Cash 9.8 0.11 Deposits 0.6 0.01
Accrued income 1.5 0.02 Receivable for securities sold 7.4 0.08
Other assets 10.3 0.11 Total assets 4,887.6 55.15
Credit facility borrowings 21.0 0.24 Senior notes 890.0
10.04 Preferred stock 374.0 4.22 Total leverage
1,285.0 14.50 Payable for securities purchased
23.3 0.26 Deferred tax liability 810.2 9.14 Other liabilities
28.9 0.33 Total liabilities 862.4 9.73 Net
assets $ 2,740.2 $ 30.92 The Company had 88.62 million
common shares outstanding as of February 28, 2013.
Long-term investments were comprised of Midstream MLP (79%),
General Partner MLP (6%), Shipping MLP (4%), Upstream MLP &
Income Trust (3%), Midstream (5%) and Other (3%).
The Company’s ten largest holdings by issuer at February 28,
2013 were:
Units(in thousands)
Amount
($ millions)
Percent of
Long-Term
Investments
1. Enterprise Products Partners L.P. (Midstream MLP) 7,674 434.9
9.0% 2. Plains All American Pipeline, L.P. (Midstream MLP) 6,852
375.1 7.7% 3. Kinder Morgan Management, LLC (MLP Affiliate) 4,307
356.7 7.3% 4. MarkWest Energy Partners, L.P. (Midstream MLP) 4,961
283.6 5.8% 5. El Paso Pipeline Partners, L.P. (Midstream MLP) 4,968
207.6 4.3% 6. Energy Transfer Equity, L.P. (General Partner MLP)
3,891 206.9 4.3% 7. Williams Partners L.P. (Midstream MLP) 4,095
203.5 4.2% 8. Regency Energy Partners LP (Midstream MLP) 7,810
185.8 3.8% 9. ONEOK Partners, L.P. (Midstream MLP) 2,953 161.8 3.3%
10. Enbridge Energy Partners, L.P. (Midstream MLP) 5,670 157.1 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 (collectively, “MLPs”), 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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