Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at August 31, 2023
September 05 2023 - 9:48PM
Kayne Anderson Energy Infrastructure Fund, Inc. (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, 2023.
As of August 31, 2023, the Company’s net assets were $1.4
billion, and its net asset value per share was $10.22. As of August
31, 2023, the Company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
592% and the Company’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 434%.
Kayne
Anderson Energy Infrastructure Fund, Inc. |
Statement of
Assets and Liabilities |
August 31,
2023 |
(Unaudited) |
|
|
(in millions) |
Investments |
|
$ |
1,931.2 |
|
Cash and
cash equivalents |
|
|
1.0 |
|
Accrued
income |
|
|
2.5 |
|
Current tax
asset, net |
|
|
1.4 |
|
Other
assets |
|
|
1.5 |
|
Total assets |
|
|
1,937.6 |
|
|
|
|
Credit
facility |
|
|
11.0 |
|
Term
loan |
|
|
50.0 |
|
Unamortized
term loan issuance costs |
|
|
(0.1 |
) |
Notes |
|
|
244.2 |
|
Unamortized
notes issuance costs |
|
|
(1.1 |
) |
Preferred
stock |
|
|
111.6 |
|
Unamortized
preferred stock issuance costs |
|
|
(1.2 |
) |
Total leverage |
|
|
414.4 |
|
|
|
|
Other
liabilities |
|
|
11.1 |
|
Deferred tax
liability, net |
|
|
120.7 |
|
Total liabilities |
|
|
131.8 |
|
|
|
|
Net
assets |
|
$ |
1,391.4 |
|
|
|
|
The Company had 136,131,530 common shares
outstanding as of August 31, 2023.
Long-term investments were comprised of Midstream Energy Company
(88%), Utility Company (5%), Renewable Infrastructure Company (5%)
and Other Energy (2%).
The Company’s ten largest holdings by issuer at August 31, 2023
were:
|
|
|
Amount(in millions)* |
|
Percent ofLong-TermInvestments |
1. |
Energy Transfer LP (Midstream Energy Company) |
|
$228.0 |
|
11.8 |
% |
2. |
Enterprise Products Partners L.P. (Midstream Energy Company) |
|
|
216.6 |
|
11.2 |
% |
3. |
MPLX LP (Midstream Energy
Company) |
|
|
208.3 |
|
10.8 |
% |
4. |
The Williams Companies, Inc.
(Midstream Energy Company) |
|
|
165.7 |
|
8.6 |
% |
5. |
Targa Resources Corp.
(Midstream Energy Company) |
|
|
150.0 |
|
7.8 |
% |
6. |
Plains All American Pipeline,
L.P. (Midstream Energy Company) |
|
|
145.2 |
|
7.5 |
% |
7. |
Cheniere Energy, Inc.
(Midstream Energy Company) |
|
|
118.0 |
|
6.1 |
% |
8. |
Western Midstream Partners, LP
(Midstream Energy Company) |
|
|
95.3 |
|
4.9 |
% |
9. |
ONEOK, Inc. (Midstream Energy
Company) |
|
|
87.7 |
|
4.5 |
% |
10. |
Sempra Energy (Utility
Company) |
|
|
52.0 |
|
2.7 |
% |
|
|
|
|
|
|
_________________
* |
Includes ownership of common and
preferred units. |
|
|
Portfolio holdings are subject to change without
notice. The mention of specific securities is not a recommendation
or solicitation for any person to buy, sell or hold any particular
security. You can obtain a complete listing of holdings by viewing
the Company’s most recent quarterly or annual report.
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a
non-diversified, closed-end management investment company
registered under the Investment Company Act of 1940, as amended,
whose common stock is traded on the NYSE. The company's investment
objective is to provide a high after-tax total return with an
emphasis on making cash distributions to stockholders. KYN intends
to achieve this objective by investing at least 80% of its total
assets in securities of Energy Infrastructure Companies. See
Glossary of Key Terms in the Company’s most recent quarterly report
for a description of these investment categories and the meaning of
capitalized terms.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of any securities
in any jurisdiction in which such offer or sale is not permitted.
Nothing contained in this press release is intended to recommend
any investment policy or investment strategy or take into account
the specific objectives or circumstances of any investor. Please
consult with your investment, tax, or legal adviser regarding your
individual circumstances prior to investing.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This
communication contains statements reflecting assumptions,
expectations, projections, intentions, or beliefs about future
events. These and other statements not relating strictly to
historical or current facts constitute forward-looking statements
as defined under the U.S. federal securities laws. Forward-looking
statements involve a variety of risks and uncertainties. These
risks include, but are not limited to, changes in economic and
political conditions; regulatory and legal changes; energy industry
risk; leverage risk; valuation risk; interest rate risk; tax risk;
and other risks discussed in detail in the Company’s filings with
the SEC, available at www.kaynefunds.com or www.sec.gov. Actual
events could differ materially from these statements or from our
present expectations or projections. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date they are made. Kayne Anderson 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.
Contact: Investor Relations at (877) 657-3863 or
cef@kaynecapital.com
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