Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset...
02 October 2019 - 8:45AM
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 September 30, 2019.
As of September 30, 2019, the Fund’s net assets were $592
million and its net asset value per share was $12.54. As of
September 30, 2019, the Fund’s asset coverage ratio under the 1940
Act with respect to senior securities representing indebtedness was
432% and the Fund’s asset coverage ratio under the 1940 Act with
respect to total leverage (debt and preferred stock) was
315%.
|
|
|
|
|
Kayne Anderson Midstream/Energy Fund, Inc. |
Statement of Assets and Liabilities |
September 30, 2019 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
855.8 |
|
|
$ |
18.13 |
|
Cash and cash equivalents |
|
|
11.7 |
|
|
|
0.25 |
|
Deposits |
|
|
0.3 |
|
|
|
0.01 |
|
Accrued income |
|
|
1.5 |
|
|
|
0.03 |
|
Receivable for securities sold |
|
|
5.2 |
|
|
|
0.11 |
|
Other assets |
|
|
0.3 |
|
|
|
0.00 |
|
Total assets |
|
|
874.8 |
|
|
|
18.53 |
|
|
|
|
|
|
Notes |
|
|
200.9 |
|
|
|
4.25 |
|
Unamortized notes issuance costs |
|
|
(0.6 |
) |
|
|
(0.01 |
) |
Preferred stock |
|
|
75.0 |
|
|
|
1.59 |
|
Unamortized preferred stock issuance costs |
|
|
(0.5 |
) |
|
|
(0.01 |
) |
Total leverage |
|
|
274.8 |
|
|
|
5.82 |
|
|
|
|
|
|
Payable for securities purchased |
|
|
5.3 |
|
|
|
0.11 |
|
Other liabilities |
|
|
2.7 |
|
|
|
0.06 |
|
Total liabilities |
|
|
8.0 |
|
|
|
0.17 |
|
|
|
|
|
|
Net assets |
|
$ |
592.0 |
|
|
$ |
12.54 |
|
|
|
|
|
|
The Fund had 47,197,462 common shares outstanding as of September
30, 2019. |
|
|
|
|
|
As of September 30, 2019, equity and debt investments were 98%
and 2%, respectively, of the Fund’s long-term investments of $856
million. Long-term investments were comprised of Midstream
Company (67%), Midstream MLP (25%), Other Energy (6%), and Debt
(2%).
The Fund’s ten largest holdings by issuer at September 30, 2019
were:
|
Units / Shares (in thousands) |
|
Amount (in millions) |
|
Percent ofLong-TermInvestments |
1. ONEOK, Inc. (Midstream
Company) |
1,068 |
|
$78.7 |
|
9.2% |
2. The Williams Companies,
Inc. (Midstream Company) |
3,122 |
|
75.1 |
|
8.8% |
3. Plains GP Holdings,
L.P. (Midstream Company)* |
2,895 |
|
61.5 |
|
7.2% |
4. Kinder Morgan, Inc.
(Midstream Company) |
2,369 |
|
48.8 |
|
5.7% |
5. TC Energy Corporation
(Midstream Company) |
863 |
|
44.7 |
|
5.2% |
6. Enterprise Products
Partners L.P. (Midstream MLP) |
1,532 |
|
43.8 |
|
5.1% |
7. Targa Resources Corp.
(Midstream Company) |
1,053 |
|
42.3 |
|
4.9% |
8. Pembina Pipeline
Corporation (Midstream Company) |
1,037 |
|
38.4 |
|
4.5% |
9. Enbridge Inc.
(Midstream Company) |
1,020 |
|
35.8 |
|
4.2% |
10. Energy Transfer LP (Midstream MLP) |
2,588 |
|
33.9 |
|
4.0% |
|
|
|
|
|
|
_____________ |
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* 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, LLC Investor Relations 877-657-3863
cef@kaynecapital.com www.kaynefunds.com
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