Kayne Anderson MLP Investment Company Announces Impact of Tax Reform on its Net Asset Value
December 22 2017 - 6:47PM
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:KYN)
announced today that the Tax Cut and Jobs Act (the “Tax Reform
Bill”) had a positive impact on the Company’s net asset
value. As of December 22, 2017, the Company’s net asset value
per share was $18.57, which included an increase of $1.84 (11.0%)
as a result of the enactment of the Tax Reform Bill today.
Prior to enactment of the Tax Reform Bill, the
Company’s deferred tax liability was based on the federal tax rate
of 35% plus a blended state rate. The Tax Reform Bill cut the
federal rate to 21%, significantly reducing the Company’s deferred
tax liability and resulting in the increase to net asset value. The
lower rate of 21% plus a blended state rate will also be used to
value the Company’s deferred tax liability going forward.
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, LLC 877-657-3863
http://www.kaynefunds.com/
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