Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asse...
December 04 2017 - 8:21PM
Kayne Anderson MLP 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 November 30, 2017.
As of November 30, 2017, the Company’s net assets were $1.8
billion, and its net asset value per share was $15.90. As of
November 30, 2017, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 384% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 276%.
Kayne Anderson MLP Investment
Company |
Statement of Assets and
Liabilities |
November 30, 2017 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
3,315.8 |
|
|
$ |
28.86 |
|
Cash and cash
equivalents |
|
|
77.3 |
|
|
|
0.67 |
|
Deposits |
|
|
0.3 |
|
|
|
0.00 |
|
Accrued income |
|
|
0.5 |
|
|
|
0.01 |
|
Receivable for
securities sold |
|
|
4.3 |
|
|
|
0.04 |
|
Other assets |
|
|
1.1 |
|
|
|
0.01 |
|
Total
assets |
|
|
3,399.3 |
|
|
|
29.59 |
|
|
|
|
|
|
Notes |
|
|
747.0 |
|
|
|
6.50 |
|
Unamortized
notes issuance costs |
|
(2.8 |
) |
|
|
(0.02 |
) |
Preferred stock |
|
|
292.0 |
|
|
|
2.54 |
|
Unamortized
preferred stock issuance costs |
|
(2.3 |
) |
|
|
(0.02 |
) |
Total
leverage |
|
|
1,033.9 |
|
|
|
9.00 |
|
|
|
|
|
|
Payable for
securities purchased |
|
4.3 |
|
|
|
0.04 |
|
Other liabilities |
|
|
26.4 |
|
|
|
0.23 |
|
Current tax
liability |
|
|
14.5 |
|
|
|
0.12 |
|
Deferred tax
liability |
|
|
494.0 |
|
|
|
4.30 |
|
Total
liabilities |
|
|
539.2 |
|
|
|
4.69 |
|
|
|
|
|
|
Net assets |
|
$ |
1,826.2 |
|
|
$ |
15.90 |
|
|
|
|
|
|
The Company
had 114,877,080 common shares outstanding as of November 30,
2017. |
Long-term investments were comprised of Midstream MLP (86%),
Midstream Company (12%), Shipping MLP (1%) and General Partner MLP
(1%).
The Company’s ten largest holdings by issuer at November 30,
2017 were:
|
|
Units / Shares(in thousands) |
|
|
Amount($ millions) |
|
|
Percent of Long-Term Investments |
1. |
Enterprise
Products Partners L.P. (Midstream MLP) |
19,830 |
|
|
$ 488.4 |
|
|
14.7% |
2. |
Energy
Transfer Partners, L.P. (Midstream MLP) |
18,385 |
|
|
305.4 |
|
|
9.2% |
3. |
Williams
Partners L.P. (Midstream MLP) |
8,287 |
|
|
304.1 |
|
|
9.2% |
4. |
MPLX LP
(Midstream MLP)* |
7,009 |
|
|
261.2 |
|
|
7.9% |
5. |
ONEOK, Inc.
(Midstream Company) |
4,341 |
|
|
225.3 |
|
|
6.8% |
6. |
Western Gas
Partners, LP (Midstream MLP) |
3,879 |
|
|
173.9 |
|
|
5.2% |
7. |
Plains All
American Pipeline, L.P. (Midstream MLP) |
8,710 |
|
|
169.9 |
|
|
5.1% |
8. |
DCP
Midstream, LP (Midstream MLP) |
4,763 |
|
|
167.4 |
|
|
5.0% |
9. |
Targa
Resources Corp. (Midstream Company) |
3,332 |
|
|
144.6 |
|
|
4.4% |
10. |
Buckeye
Partners, L.P. (Midstream MLP) |
2,916 |
|
|
134.0 |
|
|
4.0% |
_____________ |
|
|
|
|
|
* Includes
4,753 common units ($170.4 million) and 2,256 preferred units
($90.8 million). |
Kayne Anderson MLP 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 master limited 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 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.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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