Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset...
August 01 2019 - 7:35PM
Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE: KMF)
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 July 31, 2019.
As of July 31, 2019, the Fund’s net assets were $616 million and
its net asset value per share was $13.04. As of July 31,
2019, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 444% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 323%.
|
|
|
|
|
Kayne Anderson Midstream/Energy Fund, Inc. |
Statement of Assets and Liabilities |
July 31, 2019 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
885.1 |
|
|
$ |
18.75 |
|
Cash and cash equivalents |
|
|
3.5 |
|
|
|
0.08 |
|
Deposits |
|
|
0.2 |
|
|
|
0.00 |
|
Accrued income |
|
|
7.3 |
|
|
|
0.16 |
|
Receivable for securities
sold |
|
|
6.8 |
|
|
|
0.14 |
|
Other assets |
|
|
0.4 |
|
|
|
0.01 |
|
Total assets |
|
|
903.3 |
|
|
|
19.14 |
|
|
|
|
|
|
Notes |
|
|
200.9 |
|
|
|
4.25 |
|
Unamortized notes
issuance costs |
|
(0.6 |
) |
|
|
(0.01 |
) |
Preferred stock |
|
|
75.0 |
|
|
|
1.59 |
|
Unamortized
preferred stock issuance costs |
|
(0.6 |
) |
|
|
(0.01 |
) |
Total leverage |
|
|
274.7 |
|
|
|
5.82 |
|
|
|
|
|
|
Payable for
securities purchased |
|
7.6 |
|
|
|
0.16 |
|
Other liabilities |
|
|
5.4 |
|
|
|
0.12 |
|
Total liabilities |
|
|
13.0 |
|
|
|
0.28 |
|
|
|
|
|
|
Net assets |
|
$ |
615.6 |
|
|
$ |
13.04 |
|
|
|
|
|
|
As of July 31,
2019, the Fund had 47,197,462 common shares outstanding. |
|
|
|
|
|
As of July 31, 2019, equity and debt investments were 99% and
1%, respectively, of the Fund’s long-term investments of $885
million. Long-term investments were comprised of Midstream
Company (69%), Midstream MLP (25%), Other Energy (5%), and Debt
(1%).
The Fund’s ten largest holdings by issuer at July 31, 2019
were:
|
Units / Shares(in thousands) |
|
Amount(in millions) |
|
Percent of Long-Term Investments |
1. ONEOK, Inc. (Midstream Company) |
1,191 |
|
$83.4 |
|
9.4% |
2. The Williams Companies, Inc. (Midstream Company) |
2,952 |
|
72.7 |
|
8.2% |
3. Plains GP Holdings, L.P. (Midstream Company)* |
2,895 |
|
69.9 |
|
7.9% |
4. Kinder Morgan, Inc. (Midstream Company) |
2,369 |
|
48.8 |
|
5.5% |
5. Enbridge Inc. (Midstream Company) |
1,418 |
|
47.3 |
|
5.3% |
6. Enterprise Products Partners L.P. (Midstream MLP) |
1,532 |
|
46.1 |
|
5.2% |
7. Pembina Pipeline Corporation (Midstream Company) |
1,172 |
|
42.5 |
|
4.8% |
8. TC Energy Corporation (Midstream Company) |
863 |
|
42.2 |
|
4.8% |
9. Targa Resources Corp. (Midstream Company) |
1,053 |
|
41.0 |
|
4.6% |
10. Energy Transfer LP (Midstream MLP) |
2,588 |
|
37.2 |
|
4.2% |
_____________* Includes our holdings of Plains GP
Holdings, L.P. and our interest in Plains AAP, L.P.
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 Fund’s most recent quarterly or annual report.
Kayne Anderson Midstream/Energy Fund, Inc. 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 Fund’s investment objective is to provide a
high level of total return with an emphasis on making cash
distributions to its stockholders by investing at least 80% of its
total assets in securities of companies in the Midstream/Energy
Sector, consisting of: (a) Midstream Master Limited Partnerships
(“MLPs”), (b) Midstream Companies, (c) Other MLPs and (d) Other
Energy Companies. The Fund anticipates that the majority of its
investments will consist of investments in Midstream MLPs and
Midstream Companies. See Glossary of Key Terms in the Fund’s
quarterly reports for a description of these investment categories
and for the meaning of capitalized terms.
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 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, 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 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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