Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and As...
April 02 2018 - 9:00PM
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 March 31, 2018.
As of March 31, 2018, the Fund’s net assets were $336 million,
and its net asset value per share was $9.14. As of March 31,
2018, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 376% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 291%.
|
Kayne Anderson Energy Total Return Fund,
Inc. |
Statement of Assets and
Liabilities |
March 31, 2018 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
489.2 |
|
$ |
13.31 |
Cash and cash
equivalents |
|
20.6 |
|
0.56 |
Deposits |
|
0.2 |
|
0.01 |
Accrued income |
|
1.9 |
|
0.05 |
Other assets |
|
0.7 |
|
0.02 |
Total
assets |
|
512.6 |
|
13.95 |
|
|
|
|
|
Term loan |
|
21.0 |
|
0.57 |
Notes |
|
115.0 |
|
3.13 |
Unamortized notes
issuance costs |
|
(0.4) |
|
(0.01) |
Preferred stock |
|
40.0 |
|
1.09 |
Unamortized preferred
stock issuance costs |
|
(0.6) |
|
(0.02) |
Total
leverage |
|
175.0 |
|
4.76 |
|
|
|
|
|
Other liabilities |
|
1.7 |
|
0.05 |
|
|
|
|
|
Net assets |
|
$ |
335.9 |
|
$ |
9.14 |
|
|
|
|
|
The Fund
had 36,742,919 common shares outstanding as of March 31,
2018. |
|
As of March 31, 2018, equity and debt investments
were 95% and 5%, respectively, of the Fund’s long-term investments
of $489 million. Long-term investments were comprised of
Midstream Company (68%), MLP (25%), Other Energy (2%) and Debt
(5%).
The Fund’s ten largest holdings by issuer at March 31, 2018
were:
|
|
|
|
|
|
|
|
|
Units / Shares (in thousands) |
|
Amount (in millions) |
|
Percent ofLong-TermInvestments |
1. |
ONEOK, Inc.
(Midstream Company) |
794 |
|
$45.2 |
|
9.2% |
2. |
Targa
Resources Corp. (Midstream Company) |
813 |
|
35.8 |
|
7.3% |
3. |
Plains GP
Holdings, L.P. (Midstream Company) |
1,503 |
|
32.7 |
|
6.7% |
4. |
Capital
Product Partners L.P. (Midstream Company) |
3,333 |
|
26.2 |
|
5.4% |
5. |
Enbridge
Energy Management, L.L.C. (Midstream Company)
|
2,667 |
|
24.4 |
|
5.0% |
6. |
The
Williams Companies, Inc. (Midstream Company) |
908 |
|
22.6 |
|
4.6% |
7. |
KNOT
Offshore Partners LP (Midstream Company) |
1,128 |
|
22.3 |
|
4.6% |
8. |
Energy
Transfer Partners, L.P. (MLP) |
1,338 |
|
21.7 |
|
4.4% |
9. |
Golar LNG
Partners LP (Midstream Company) |
1,220 |
|
20.9 |
|
4.3% |
10. |
GasLog
Partners LP (Midstream Company) |
746 |
|
17.4 |
|
3.6% |
|
|
|
|
|
|
Kayne Anderson Energy Total Return Fund, Inc. 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. The
Fund intends to achieve this investment objective by investing in a
portfolio of companies in the energy sector, 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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