Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asse...
January 02 2018 - 9:47PM
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 December 31, 2017.
As of December 31, 2017, the Company’s net assets were $2.1
billion, and its net asset value per share was $18.67. As of
December 31, 2017, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 426% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 306%.
|
Kayne Anderson MLP Investment
Company |
Statement of Assets and
Liabilities |
December 31, 2017 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
3,500.0 |
|
|
$ |
30.47 |
|
Cash and cash
equivalents |
|
|
40.7 |
|
|
|
0.35 |
|
Deposits |
|
|
0.3 |
|
|
|
0.00 |
|
Accrued income |
|
|
0.7 |
|
|
|
0.01 |
|
Other assets |
|
|
1.1 |
|
|
|
0.01 |
|
Total
assets |
|
|
3,542.8 |
|
|
|
30.84 |
|
|
|
|
|
|
Notes |
|
|
747.0 |
|
|
|
6.50 |
|
Unamortized
notes issuance costs |
|
(2.8 |
) |
|
|
(0.02 |
) |
Preferred stock |
|
|
292.0 |
|
|
|
2.54 |
|
Unamortized
preferred stock issuance costs |
|
(2.2 |
) |
|
|
(0.02 |
) |
Total
leverage |
|
|
1,034.0 |
|
|
|
9.00 |
|
|
|
|
|
|
Other liabilities |
|
|
6.7 |
|
|
|
0.06 |
|
Current tax
liability |
|
|
14.7 |
|
|
|
0.13 |
|
Deferred tax
liability |
|
|
342.7 |
|
|
|
2.98 |
|
Total
liabilities |
|
|
364.1 |
|
|
|
3.17 |
|
|
|
|
|
|
Net assets |
|
$ |
2,144.7 |
|
|
$ |
18.67 |
|
|
|
|
|
|
The Company
had 114,877,080 common shares outstanding as of December 31,
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 December 31,
2017 were:
|
|
|
|
|
|
|
|
|
|
Units / Shares (in thousands) |
|
Amount (in millions) |
|
Percent ofLong-TermInvestments |
|
1. |
Enterprise Products Partners L.P. (Midstream MLP) |
19,830 |
|
$525.7 |
|
15.0 |
% |
|
2. |
Energy Transfer Partners, L.P. (Midstream MLP) |
18,385 |
|
329.5 |
|
9.4 |
% |
|
3. |
Williams Partners L.P. (Midstream MLP) |
8,287 |
|
321.4 |
|
9.2 |
% |
|
4. |
MPLX LP (Midstream MLP)* |
7,009 |
|
258.8 |
|
7.4 |
% |
|
5. |
ONEOK, Inc. (Midstream Company) |
4,341 |
|
232.0 |
|
6.6 |
% |
|
6. |
Western Gas Partners, LP (Midstream MLP) |
3,879 |
|
186.5 |
|
5.3 |
% |
|
7. |
Plains All American Pipeline, L.P. (Midstream MLP) |
8,710 |
|
179.8 |
|
5.1 |
% |
|
8. |
DCP Midstream, LP (Midstream MLP) |
4,763 |
|
173.0 |
|
4.9 |
% |
|
9. |
Targa Resources Corp. (Midstream Company) |
3,332 |
|
161.3 |
|
4.6 |
% |
|
10. |
Buckeye Partners, L.P. (Midstream MLP) |
2,916 |
|
144.5 |
|
4.1 |
% |
|
_____________ |
|
|
|
|
|
* Includes 4,753 common units ($168.6 million) and 2,256
preferred units ($90.2 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 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 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 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. 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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