Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset...
December 04 2017 - 8:20PM
Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE:KMF)
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 November 30, 2017.
As of November 30, 2017, the Fund’s net assets were $312 million
and its net asset value per share was $14.15. As of November
30, 2017, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 481% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 347%.
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|
Kayne Anderson Midstream/Energy Total Return
Fund |
|
Statement of Assets and
Liabilities |
|
November 30, 2017 |
|
(Unaudited) |
|
|
|
(in millions) |
|
Per Share |
|
Investments |
|
$ |
434.2 |
|
|
$ |
19.71 |
|
|
Cash and cash
equivalents |
|
|
2.0 |
|
|
|
0.09 |
|
|
Deposits |
|
|
0.2 |
|
|
|
0.01 |
|
|
Accrued income |
|
|
1.9 |
|
|
|
0.09 |
|
|
Receivable for
securities sold |
|
|
0.3 |
|
|
|
0.01 |
|
|
Other assets |
|
|
0.7 |
|
|
|
0.03 |
|
|
Total
assets |
|
|
439.3 |
|
|
|
19.94 |
|
|
|
|
|
|
|
|
Notes |
|
|
91.0 |
|
|
|
4.13 |
|
|
Unamortized
notes issuance costs |
|
(0.4 |
) |
|
|
(0.02 |
) |
|
Preferred stock |
|
|
35.0 |
|
|
|
1.59 |
|
|
Unamortized
preferred stock issuance costs |
|
(0.3 |
) |
|
|
(0.01 |
) |
|
Total
leverage |
|
|
125.3 |
|
|
|
5.69 |
|
|
|
|
|
|
|
|
Payable for
securities purchased |
|
0.1 |
|
|
|
0.01 |
|
|
Other liabilities |
|
|
2.1 |
|
|
|
0.09 |
|
|
Total
liabilities |
|
|
2.2 |
|
|
|
0.10 |
|
|
|
|
|
|
|
|
Net assets |
|
$ |
311.8 |
|
|
$ |
14.15 |
|
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The Fund
had 22,034,170 common shares outstanding as of November 30,
2017. |
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As of November 30, 2017, equity and debt investments were 91%
and 9%, respectively, of the Fund’s long-term investments of $434
million. Long-term investments were comprised of Midstream
Company (49%), MLP and MLP Affiliate (38%), Other Energy (4%), and
Debt (9%).
The Fund’s ten largest holdings by issuer at November 30, 2017
were:
|
|
Units
/ Shares (in thousands) |
|
Amount ($ millions) |
|
Percent of Long-Term Investments |
|
1. |
ONEOK, Inc. (Midstream Company) |
652 |
|
$33.9 |
|
7.8 |
% |
|
2. |
Targa Resources Corp. (Midstream Company) |
714 |
|
31.0 |
|
7.1 |
% |
|
3. |
Plains GP Holdings, L.P. (Midstream MLP) |
1,392 |
|
28.7 |
|
6.6 |
% |
|
4. |
The Williams Companies, Inc. (Midstream Company) |
900 |
|
26.1 |
|
6.0 |
% |
|
5. |
Enbridge Energy Management, L.L.C. (Midstream MLP) |
1,891 |
|
25.5 |
|
5.9 |
% |
|
6. |
Energy Transfer Partners, L.P. (Midstream MLP) |
986 |
|
16.4 |
|
3.8 |
% |
|
7. |
GasLog Partners LP (Midstream Company) |
740 |
|
16.3 |
|
3.8 |
% |
|
8. |
KNOT Offshore Partners LP (Midstream Company) |
802 |
|
16.2 |
|
3.7 |
% |
|
9. |
Enbridge, Inc. (Midstream Company) |
429 |
|
16.2 |
|
3.7 |
% |
|
10. |
MPLX LP (Midstream MLP) |
439 |
|
15.7 |
|
3.6 |
% |
|
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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 provide a high level of total return with an emphasis on
making quarterly cash distributions to its stockholders by
investing at least 80% of its total assets in securities of
companies in the Midstream/Energy Sector, consisting of: (a)
Midstream Master Limited Partnerships (“MLPs”), (b) Midstream
Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund
anticipates that the majority of its investments will consist of
investments in Midstream MLPs and Midstream Companies. See Glossary
of Key Terms in the Fund’s quarterly reports.
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.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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