Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset ...
September 06 2017 - 9:32AM
Business Wire
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”)
(NYSE: KYE) 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, 2017.
As of August 31, 2017, the Fund’s net assets were $412 million,
and its net asset value per share was $11.23. As of August 31,
2017, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 416% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 310%.
Kayne Anderson Energy Total Return Fund Statement
of Assets and Liabilities August 31, 2017
(Unaudited) (in millions) Per Share Investments $ 584.9 $
15.95 Cash and cash equivalents 20.3 0.55 Deposits 0.2 0.01 Accrued
income 2.9 0.08 Receivable for securities sold 2.5 0.07 Other
assets 0.7 0.02 Total assets 611.5 16.68 Term loan 31.0 0.85
Notes 115.0 3.14 Unamortized notes issuance costs (0.5) (0.01)
Preferred stock 50.0 1.36 Unamortized preferred stock issuance
costs (0.3) (0.01) Total leverage 195.2 5.33 Payable for
securities purchased 2.4 0.07 Other liabilities 2.0 0.05 Total
liabilities 4.4 0.12 Net assets $ 411.9 $ 11.23 The
Fund had 36,668,630 common shares outstanding as of August 31,
2017.
As of August 31, 2017, equity and debt investments were 91% and
9%, respectively, of the Fund’s long-term investments of $585
million. Long-term investments were comprised of MLP and MLP
Affiliate (38%), Midstream Company (29%), Marine (21%), Other
Energy (3%) and Debt (9%).
The Fund’s ten largest holdings by issuer at August 31, 2017
were:
Units / Shares
(in
thousands)
Amount
($
millions)
Percent of
Long-Term
Investments
1. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,152 $45.4
7.8% 2. ONEOK, Inc. (Midstream Company) 772 41.8 7.1% 3. Plains GP
Holdings, L.P. (MLP) 1,503 33.8 5.8% 4. Golar LNG Partners LP
(Marine) 1,353 29.7 5.1% 5. KNOT Offshore Partners LP (Marine)
1,158 27.3 4.7% 6. The Williams Companies, Inc. (Midstream Company)
908 27.0 4.6% 7. Targa Resources Corp. (Midstream Company) 605 27.0
4.6% 8. Energy Transfer Partners, L.P. (MLP) 1,367 26.0 4.4% 9.
Capital Product Partners L.P. (Marine) 3,333 25.4 4.3% 10.
Enbridge, Inc. (Midstream Company) 513 20.5 3.5%
The Fund 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 Fund’s investment objective
is to obtain a high total return with an emphasis on current income
by investing primarily in securities of companies engaged in the
energy industry, principally including publicly-traded
energy-related master limited partnerships and limited liability
companies taxed as partnerships and their affiliates, and other
companies that derive at least 50% of their revenues from operating
assets used in, or providing energy-related services for, the
exploration, development, production, gathering, transportation,
processing, storing, refining, distribution, mining or marketing of
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 Fund’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 Fund’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 Fund undertakes no obligation to
publicly update or revise any forward-looking statements made
herein. There is no assurance that the Fund’s investment objective
will be attained.
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version on businesswire.com: http://www.businesswire.com/news/home/20170906006130/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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