Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018
June 4, 2018 - 10:28 PM EDT
close
Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018
HOUSTON, June 04, 2018 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE:KYE) 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 May 31, 2018.
As of May 31, 2018, the Fund’s net assets were $378 million, and its net asset value per share was $10.26. As of May 31, 2018, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 463% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 344%.
Kayne Anderson Energy Total Return Fund, Inc.
Statement of Assets and Liabilities
May 31, 2018
(Unaudited)
(in millions)
Per Share
Investments
$
531.1
$
14.41
Cash and cash equivalents
4.6
0.13
Deposits
0.3
0.01
Accrued income
1.7
0.05
Receivable for securities sold
2.9
0.08
Other assets
0.5
0.01
Total assets
541.1
14.69
Notes
115.0
3.12
Unamortized notes issuance costs
(0.4
)
(0.01
)
Preferred stock
40.0
1.09
Unamortized preferred stock issuance costs
(0.6
)
(0.01
)
Total leverage
154.0
4.19
Payable for securities purchased
6.4
0.17
Other liabilities
2.7
0.07
Total liabilities
9.1
0.24
Net assets
$
378.0
$
10.26
The Fund had 36,841,723 common shares outstanding as of May 31, 2018.
As of May 31, 2018, equity and debt investments were 95% and 5%, respectively, of the Fund’s long-term investments of $531 million. Long-term investments were comprised of Midstream Company (69%), MLP (25%), Other Energy (1%) and Debt (5%).
The Fund’s ten largest holdings by issuer at May 31, 2018 were:
Units / Shares (in thousands)
Amount (in millions)
Percent of Long-Term Investments
1.
ONEOK, Inc. (Midstream Company)
754
$51.4
9.7
%
2.
Targa Resources Corp. (Midstream Company)
813
39.5
7.4
%
3.
The Williams Companies, Inc. (Midstream Company)*
1,401
37.6
7.1
%
4.
Plains GP Holdings, L.P. (Midstream Company)
1,503
36.9
7.0
%
5.
Capital Product Partners L.P. (Midstream Company)
3,333
26.4
5.0
%
6.
Energy Transfer Partners, L.P. (MLP)
1,338
25.4
4.8
%
7.
KNOT Offshore Partners LP (Midstream Company)
1,128
23.7
4.5
%
8.
Enbridge Energy Management, L.L.C. (Midstream Company)
2,363
22.4
4.2
%
9.
Kinder Morgan, Inc. (Midstream Company)
1,204
20.1
3.8
%
10.
Pembina Pipeline Corporation. (Midstream Company)
549
19.1
3.6
%
_____________
* On May 17, 2018, Williams Companies, Inc. (“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction. As of May 31, 2018, the Fund did not own any WPZ units.
Kayne Anderson Energy Total Return Fund, Inc. 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 Fund’s investment objective is to obtain a high total return with an emphasis on current income. The Fund intends to achieve this investment objective by investing in a portfolio of companies in the energy sector, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, and other companies that derive at least 50% of their revenues from operating assets used in, or providing energy-related services for, the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, 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 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.
