Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and As...
December 04 2017 - 8:21PM
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 November 30, 2017.
As of November 30, 2017, the Fund’s net assets were $384
million, and its net asset value per share was $10.46. As of
November 30, 2017, the Fund’s asset coverage ratio under the 1940
Act with respect to senior securities representing indebtedness was
412% and the Fund’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was 318%.
|
|
|
|
|
Kayne Anderson Energy Total Return
Fund |
Statement of Assets and
Liabilities |
November 30, 2017 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
547.2 |
|
|
$ |
14.89 |
|
Cash and cash
equivalents |
|
|
11.5 |
|
|
|
0.31 |
|
Deposits |
|
|
0.2 |
|
|
|
0.01 |
|
Accrued income |
|
|
2.4 |
|
|
|
0.07 |
|
Receivable for
securities sold |
|
|
0.3 |
|
|
|
0.01 |
|
Other assets |
|
|
0.5 |
|
|
|
0.01 |
|
Total
assets |
|
|
562.1 |
|
|
|
15.30 |
|
|
|
|
|
|
Term loan |
|
|
21.0 |
|
|
|
0.57 |
|
Notes |
|
|
115.0 |
|
|
|
3.13 |
|
Unamortized
notes issuance costs |
|
(0.5 |
) |
|
|
(0.01 |
) |
Preferred stock |
|
|
40.0 |
|
|
|
1.09 |
|
Unamortized
preferred stock issuance costs |
|
(0.5 |
) |
|
|
(0.01 |
) |
Total
leverage |
|
|
175.0 |
|
|
|
4.77 |
|
|
|
|
|
|
Payable for
securities purchased |
|
0.1 |
|
|
|
0.00 |
|
Other liabilities |
|
|
2.8 |
|
|
|
0.07 |
|
Total
liabilities |
|
|
2.9 |
|
|
|
0.07 |
|
|
|
|
|
|
Net assets |
|
$ |
384.2 |
|
|
$ |
10.46 |
|
|
|
|
|
|
The Fund
had 36,742,919 common shares outstanding as of November 30,
2017. |
|
As of November 30, 2017, equity and debt investments were 92%
and 8%, respectively, of the Fund’s long-term investments of $547
million. Long-term investments were comprised of MLP and MLP
Affiliate (38%), Midstream Company (30%), Marine (21%), Other
Energy (3%) and Debt (8%).
The Fund’s ten largest holdings by issuer at November 30, 2017
were:
|
|
Units / Shares(in thousands) |
|
Amount($ millions) |
|
Percent ofLong-TermInvestments |
1. |
Enbridge
Energy Management, L.L.C. (MLP Affiliate) |
3,171 |
|
$42.8 |
|
|
7.8 |
% |
2. |
ONEOK, Inc.
(Midstream Company) |
772 |
|
37.5 |
|
6.8 |
% |
3. |
Targa
Resources Corp. (Midstream Company) |
813 |
|
35.3 |
|
6.4 |
% |
4. |
Plains GP
Holdings, L.P. (MLP) |
1,503 |
|
30.9 |
|
5.7 |
% |
5. |
Golar LNG
Partners LP (Marine) |
1,353 |
|
27.1 |
|
4.9 |
% |
6. |
The
Williams Companies, Inc. (Midstream Company) |
908 |
|
26.4 |
|
4.8 |
% |
7. |
Capital
Product Partners L.P. (Marine) |
3,333 |
|
26.1 |
|
4.8 |
% |
8. |
KNOT
Offshore Partners LP (Marine) |
1,158 |
|
23.4 |
|
4.3 |
% |
9. |
Energy
Transfer Partners, L.P. (MLP) |
1,338 |
|
22.2 |
|
4.1 |
% |
10. |
GasLog
Partners LP (Marine) |
853 |
|
18.8 |
|
3.4 |
% |
|
|
|
|
|
|
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.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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