Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at February 29, 2020
HOUSTON, March 03, 2020 (GLOBE NEWSWIRE) -- 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 February 29, 2020.
As of February 29, 2020, the Company’s net assets were $1.5 billion, and its net asset value per share was $11.85. As of February 29, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 381% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 250%.
| Kayne Anderson MLP/Midstream Investment Company | ||||||||
| Statement of Assets and Liabilities | ||||||||
| February 29, 2020 | ||||||||
| (Unaudited) | ||||||||
| (in millions) | Per Share | |||||||
| Investments | $ | 2,630.5 | $ | 20.80 | ||||
| Cash and cash equivalents | 11.5 | 0.09 | ||||||
| Deposits | 0.3 | 0.00 | ||||||
| Accrued income | 0.8 | 0.01 | ||||||
| Receivable for securities sold | 22.0 | 0.17 | ||||||
| Income tax receivable | 0.7 | 0.01 | ||||||
| Other assets | 1.4 | 0.01 | ||||||
| Total assets | 2,667.2 | 21.09 | ||||||
| Term loan | 60.0 | 0.47 | ||||||
| Unamortized term loan issuance costs | (0.2 | ) | (0.00 | ) | ||||
| Notes | 596.0 | 4.71 | ||||||
| Unamortized notes issuance costs | (1.4 | ) | (0.01 | ) | ||||
| Preferred stock | 342.0 | 2.71 | ||||||
| Unamortized preferred stock issuance costs | (3.0 | ) | (0.02 | ) | ||||
| Total leverage | 993.4 | 7.86 | ||||||
| Payable for securities purchased | 5.2 | 0.04 | ||||||
| Other liabilities | 16.7 | 0.13 | ||||||
| Current tax liability | - | - | ||||||
| Net deferred tax liability | 152.9 | 1.21 | ||||||
| Total liabilities | 174.8 | 1.38 | ||||||
| Net assets | $ | 1,499.0 | $ | 11.85 | ||||
| The Company had 126,447,554 common shares outstanding as of February 29, 2020. | ||||||||
Long-term investments were comprised of Midstream MLP (69%), Midstream Company (29%), and Renewable Infrastructure/Utility Company (2%).
The Company’s ten largest holdings by issuer at February 29, 2020 were:
| Units / Shares (in thousands) | Amount (in millions) | Percent of Long-Term Investments | ||||||||||||
| 1. Enterprise Products Partners L.P. (Midstream MLP) | 16,244 | $379.1 | 14.4% | |||||||||||
| 2. Energy Transfer LP (Midstream MLP) | 24,759 | 274.3 | 10.4% | |||||||||||
| 3. ONEOK, Inc. (Midstream Company) | 3,278 | 218.7 | 8.3% | |||||||||||
| 4. The Williams Companies, Inc. (Midstream Company) | 11,209 | 213.5 | 8.1% | |||||||||||
| 5. MPLX LP (Midstream MLP)* | 9,014 | 213.2 | 8.1% | |||||||||||
| 6. Magellan Midstream Partners, L.P. (Midstream MLP) | 3,186 | 173.8 | 6.6% | |||||||||||
| 7. Targa Resources Corp. (Midstream Company) | 3,943 | 127.7 | 4.9% | |||||||||||
| 8. Shell Midstream Partners, L.P. (Midstream MLP) | 6,621 | 113.3 | 4.3% | |||||||||||
| 9. Plains All American Pipeline, L.P. (Midstream MLP) | 8,261 | 112.9 | 4.3% | |||||||||||
| 10. Phillips 66 Partners LP (Midstream MLP) | 1,686 | 91.7 | 3.5% | |||||||||||
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* Includes 6,759 common units ($137.1 million) and 2,255 preferred units ($76.1 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 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, LLC
Investor Relations
877-657-3863
