Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Valu...
July 01 2019 - 7:35PM
Kayne Anderson MLP/Midstream 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 June 30, 2019.
As of June 30, 2019, the Company’s net assets were $2.2 billion,
and its net asset value per share was $17.05. As of June 30, 2019,
the Company’s asset coverage ratio under the 1940 Act with respect
to senior securities representing indebtedness was 409% and the
Company’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 293%.
|
Kayne Anderson MLP/Midstream Investment
Company |
Statement of Assets and Liabilities |
June 30, 2019 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
3,585.8 |
|
|
$ |
28.38 |
|
Cash and cash equivalents |
|
|
2.8 |
|
|
|
0.02 |
|
Deposits |
|
|
0.2 |
|
|
|
0.00 |
|
Accrued income |
|
|
0.6 |
|
|
|
0.00 |
|
Receivable for securities
sold |
|
|
9.0 |
|
|
|
0.07 |
|
Income tax receivable |
|
|
9.3 |
|
|
|
0.07 |
|
Other assets |
|
|
0.9 |
|
|
|
0.01 |
|
Total assets |
|
|
3,608.6 |
|
|
|
28.55 |
|
|
|
|
|
|
Credit facility |
|
|
113.0 |
|
|
|
0.89 |
|
Term loan |
|
|
60.0 |
|
|
|
0.47 |
|
Unamortized term
loan issuance costs |
|
(0.3 |
) |
|
|
(0.00 |
) |
Notes |
|
|
626.0 |
|
|
|
4.95 |
|
Unamortized notes
issuance costs |
|
(1.8 |
) |
|
|
(0.01 |
) |
Preferred stock |
|
|
317.0 |
|
|
|
2.51 |
|
Unamortized
preferred stock issuance costs |
|
(1.1 |
) |
|
|
(0.01 |
) |
Total leverage |
|
|
1,112.8 |
|
|
|
8.80 |
|
|
|
|
|
|
Payable for
securities purchased |
|
8.9 |
|
|
|
0.07 |
|
Other liabilities |
|
|
6.6 |
|
|
|
0.05 |
|
Net deferred tax
liability |
|
|
326.2 |
|
|
|
2.58 |
|
Total liabilities |
|
|
341.7 |
|
|
|
2.70 |
|
|
|
|
|
|
Net assets |
|
$ |
2,154.1 |
|
|
$ |
17.05 |
|
|
|
|
|
|
The Company had
126,337,114 common shares outstanding as of June 30, 2019. |
|
|
|
|
|
Long-term investments were comprised of Midstream MLP (69%),
Midstream Company (30%), and Shipping MLP (1%).
The Company’s ten largest holdings by issuer at June 30, 2019
were:
|
Units / Shares (in thousands) |
|
Amount (in millions) |
|
Percent of Long-Term Investments |
1. Enterprise Products Partners L.P. (Midstream MLP) |
16,922 |
|
$488.5 |
|
13.6% |
2. Energy Transfer LP (Midstream MLP) |
25,132 |
|
353.9 |
|
9.9% |
3. The Williams Companies, Inc. (Midstream Company) |
11,120 |
|
311.8 |
|
8.7% |
4. ONEOK, Inc. (Midstream Company) |
4,120 |
|
283.5 |
|
7.9% |
5. MPLX LP (Midstream MLP)* |
7,048 |
|
237.6 |
|
6.6% |
6. Magellan Midstream Partners, L.P. (Midstream MLP) |
3,171 |
|
202.9 |
|
5.7% |
7. Plains All American Pipeline, L.P. (Midstream MLP) |
8,261 |
|
201.1 |
|
5.6% |
8. Western Midstream Partners, LP (Midstream MLP) |
5,916 |
|
182.0 |
|
5.1% |
9. Buckeye Partners, L.P. (Midstream MLP) |
3,875 |
|
159.1 |
|
4.4% |
10. Targa Resources Corp. (Midstream Company) |
3,844 |
|
150.9 |
|
4.2% |
_____________ |
* Includes 4,793 common units ($154.3 million) and 2,255 preferred
units ($83.3 million). On May 8, 2019, MPLX LP (“MPLX”) and
Andeavor Logistics LP (“ANDX”) announced that they entered into an
agreement whereby MPLX will acquire ANDX in a unit-for-unit
transaction. As of June 30, 2019, the Company owned 919 ANDX common
units ($33.4 million). |
Portfolio holdings are subject to change without notice. The
mention of specific securities is not a recommendation or
solicitation for any person to buy, sell or hold any particular
security. You can obtain a complete listing of holdings by viewing
the Company’s most recent quarterly or annual report.
Kayne Anderson MLP/Midstream Investment Company is a
non-diversified, closed-end management investment company
registered under the Investment Company Act of 1940, as amended,
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 partnerships and
their affiliates (“MLPs”), and in other companies that, as their
principal business, operate assets used in the gathering,
transporting, processing, storing, refining, distributing, mining
or marketing of natural gas, natural gas liquids, crude oil,
refined petroleum products or coal (collectively with midstream
MLPs, “Midstream Energy Companies”).
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of any securities
in any jurisdiction in which such offer or sale is not permitted.
Past performance is not a guarantee of future results. Current
performance may be lower or higher than that shown based on market
fluctuations from the end of the reported period.
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 Company’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 Company’s filings with the SEC, available at
www.sec.gov. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Company’s investment objective will be attained.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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