Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset ...
October 02 2017 - 8:40PM
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 September 30, 2017.
As of September 30, 2017, the Fund’s net assets were $426
million, and its net asset value per share was $11.62. As of
September 30, 2017, the Fund’s asset coverage ratio under the 1940
Act with respect to senior securities representing indebtedness was
426% and the Fund’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 317%.
Kayne Anderson Energy Total Return Fund
Statement of Assets and Liabilities September 30,
2017 (Unaudited) (in millions) Per Share Investments $
596.5 $ 16.27 Cash and cash equivalents 24.3 0.66 Deposits 0.3 0.01
Accrued income 2.3 0.06 Receivable for securities sold 1.5 0.04
Other assets 0.6 0.02 Total assets
625.5 17.06 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 2.2 0.06 Other liabilities
1.9 0.05 Total liabilities 4.1 0.11
Net assets $ 426.2 $ 11.62 The Fund had
36,668,630 common shares outstanding as of September 30, 2017.
As of September 30, 2017, equity and debt investments were 90%
and 10%, respectively, of the Fund’s long-term investments of $597
million. Long-term investments were comprised of MLP and MLP
Affiliate (37%), Midstream Company (29%), Marine (21%), Other
Energy (3%) and Debt (10%).
The Fund’s ten largest holdings by issuer at September 30, 2017
were:
Units / Shares
(in thousands)
Amount
($ millions)
Percent of Long-Term
Investments
1. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,152 $48.7
8.2 % 2. ONEOK, Inc. (Midstream Company) 772 40.0 6.7 % 3.
Plains GP Holdings, L.P. (MLP) 1,503 32.9 5.5 % 4. Golar LNG
Partners LP (Marine) 1,353 31.4 5.3 % 5. Targa Resources Corp.
(Midstream Company) 605 28.6 4.8 % 6. The Williams Companies, Inc.
(Midstream Company) 908 27.2 4.6 % 7. KNOT Offshore Partners LP
(Marine) 1,158 27.2 4.6 % 8. Capital Product Partners L.P. (Marine)
3,333 25.5 4.3 % 9. Energy Transfer Partners, L.P. (MLP) 1,347 24.6
4.1 % 10. Enbridge, Inc. (Midstream Company) 513 21.5 3.6 %
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/20171002006626/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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