Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information & Announces its Net Asset Value & Asset Co...
04 April 2017 - 10:50AM
Business Wire
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 March 31, 2017.
As of March 31, 2017, the Company’s net assets were $2.3
billion, and its net asset value per share was $20.60. As of March
31, 2017, the Company’s asset coverage ratio under the 1940 Act
with respect to senior securities representing indebtedness was
416% 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 March 31, 2017
(Unaudited) (in millions) Per
Share Investments $ 4,208.5 $ 36.91 Cash and cash equivalents 2.0
0.02 Deposits 0.3 - Accrued income 0.6 0.01 Receivable for
securities sold 13.7 0.12 Income tax receivable 7.9 0.07 Other
assets 8.0 0.07 Total assets 4,241.0 37.20
Term loan 72.0 0.63 Senior notes 767.0 6.73 Preferred stock
300.0 2.63 Total leverage 1,139.0 9.99
Payable for securities purchased 12.3 0.11 Other liabilities 14.3
0.12 Deferred income tax liability 727.1 6.38 Total
liabilities 753.7 6.61 Net assets $ 2,348.3 $ 20.60
The Company had 114,011,997 common shares
outstanding as of March 31, 2017.
Long-term investments were comprised of Midstream MLP (93%),
Midstream Company (5%) and Shipping MLP (2%).
The Company’s ten largest holdings by issuer at March 31, 2017
were:
Units / Shares(in
thousands)
Amount($ millions)
Percent
ofLong-TermInvestments
1. Enterprise Products Partners L.P. (Midstream MLP) 19,085 $526.9
12.5% 2. Williams Partners L.P. (Midstream MLP) 9,661 394.5 9.4% 3.
Energy Transfer Partners, L.P. (Midstream MLP)* 10,691 390.4 9.3%
4. ONEOK Partners, L.P. (Midstream MLP)** 5,971 322.4 7.7% 5.
Plains All American Pipeline, L.P. (Midstream MLP) 8,962 283.3 6.7%
6. MPLX LP (Midstream MLP)*** 7,009 260.9 6.2% 7. Western Gas
Partners, LP (Midstream MLP)**** 3,841 232.2 5.5% 8. DCP Midstream
Partners, LP (Midstream MLP) 5,442 213.5 5.1% 9. Buckeye Partners,
L.P. (Midstream MLP) 2,748 188.4 4.5% 10. Targa Resources Corp.
(Midstream Company) 3,137 187.9 4.5%
_____________ * On November 21, 2016, Energy Transfer Partners,
L.P. (“ETP”) and Sunoco Logistics Partners L.P. (“SXL”) announced
an agreement to combine in a unit-for-unit merger. On a combined
basis, ETP and SXL represent 11.5% of long-term investments as of
March 31, 2017. ** On February 1, 2017, ONEOK, Inc. (“OKE”)
and ONEOK Partners, L.P. (“OKS”) announced an agreement to combine
in a stock-for-unit merger. As of March 31, 2017, the Company did
not own any OKE shares. *** Includes 4,753 common units
($171.5 million) and 2,256 preferred units ($89.4 million).
**** Includes 3,774 common units ($228.1 million) and 67 preferred
units ($4.1 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 master limited 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 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 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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170403006698/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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