Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Valu...
September 06 2018 - 5:15PM
Kayne Anderson MLP/Midstream 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 August 31, 2018.
As of August 31, 2018, the Company’s net assets were $2.5
billion, and its net asset value per share was $19.43. As of August
31, 2018, the Company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
432% 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/Midstream Investment
Company |
Statement of Assets and
Liabilities |
August 31, 2018 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
3,987.1 |
|
|
$ |
31.62 |
|
Cash and cash
equivalents |
|
|
1.5 |
|
|
|
0.01 |
|
Deposits |
|
|
0.3 |
|
|
|
0.00 |
|
Accrued income |
|
|
1.3 |
|
|
|
0.01 |
|
Receivable for
securities sold |
|
|
2.1 |
|
|
|
0.02 |
|
Other assets |
|
|
1.6 |
|
|
|
0.01 |
|
Total
assets |
|
|
3,993.9 |
|
|
|
31.67 |
|
|
|
|
|
|
Credit facility |
|
|
38.0 |
|
|
|
0.30 |
|
Term loans |
|
|
79.0 |
|
|
|
0.63 |
|
Notes |
|
|
716.0 |
|
|
|
5.68 |
|
Unamortized
notes issuance costs |
|
(2.3 |
) |
|
|
(0.02 |
) |
Preferred stock |
|
|
317.0 |
|
|
|
2.51 |
|
Unamortized
preferred stock issuance costs |
|
(1.7 |
) |
|
|
(0.01 |
) |
Total
leverage |
|
|
1,146.0 |
|
|
|
9.09 |
|
|
|
|
|
|
Payable for
securities purchased |
|
0.2 |
|
|
|
0.00 |
|
Other liabilities |
|
|
12.9 |
|
|
|
0.10 |
|
Current tax
liability |
|
|
22.8 |
|
|
|
0.18 |
|
Net deferred tax
liability |
|
|
361.9 |
|
|
|
2.87 |
|
Total
liabilities |
|
|
397.8 |
|
|
|
3.15 |
|
|
|
|
|
|
Net assets |
|
$ |
2,450.1 |
|
|
$ |
19.43 |
|
|
|
|
|
|
The Company
had 126,097,992 common shares outstanding as of August 31,
2018. |
|
|
|
|
|
Long-term investments were comprised of Midstream MLP (73%),
Midstream Company (25%), General Partner MLP (1%) and Shipping MLP
(1%).
The Company’s ten largest holdings by issuer at August 31, 2018
were:
|
|
Units / Shares(in thousands) |
|
Amount(in millions) |
|
Percent of Long-Term Investments |
|
1. Enterprise Products Partners L.P. (Midstream
MLP) |
18,416 |
|
$ |
526.7 |
|
13.2 |
% |
|
2. Energy Transfer Partners, L.P. (Midstream MLP)* |
19,095 |
|
430.6 |
|
10.8 |
% |
|
3. The Williams Companies, Inc. (Midstream
Company) |
11,295 |
|
334.2 |
|
8.4 |
% |
|
4. ONEOK, Inc. (Midstream Company) |
4,936 |
|
325.4 |
|
8.2 |
% |
|
5. MPLX LP (Midstream MLP)** |
7,420 |
|
271.5 |
|
6.8 |
% |
|
6. Plains All American Pipeline, L.P. (Midstream
MLP) |
8,613 |
|
225.0 |
|
5.6 |
% |
|
7. Western Gas Partners, LP (Midstream MLP) |
4,471 |
|
218.4 |
|
5.5 |
% |
|
8. Buckeye Partners, L.P. (Midstream MLP)*** |
6,272 |
|
212.5 |
|
5.3 |
% |
|
9. Targa Resources Corp. (Midstream Company) |
3,844 |
|
211.7 |
|
5.3 |
% |
|
10. Magellan Midstream Partners, L.P. (Midstream
MLP) |
2,074 |
|
141.6 |
|
3.6 |
% |
|
_____________ |
|
|
|
|
|
* On August 1, 2018, Energy Transfer Equity, L.P. (“ETE”) and
Energy Transfer Partners, L.P. (“ETP”) announced an agreement
providing for the merger of ETP with ETE in a unit-for-unit
exchange. As of August 31, 2018, the Company held 1,225 ETE common
units ($21.4 million). ** Includes 5,165 common units ($183.2
million) and 2,255 preferred units ($88.3 million). *** Includes
3,662 common units ($129.1 million) and 2,610 Class C units ($83.4
million). |
Kayne Anderson MLP/Midstream 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 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 of natural gas, natural gas liquids, 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 objective will be attained.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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