Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at November 30, 2015
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 November 30, 2015.
As of November 30, 2015, the Fund’s net assets were $381 million and its
net asset value per share was $17.59. As of November 30, 2015, the
Fund’s asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 344% and the Fund’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 249%.
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Kayne Anderson Midstream/Energy Fund, Inc. Statement
of Assets and Liabilities November 30, 2015 (Unaudited)
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(in millions)
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Per Share
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Investments
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$
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604.1
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$
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27.88
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Cash
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|
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29.3
|
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1.36
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Deposits
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0.3
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|
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0.01
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Accrued income
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2.7
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|
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0.12
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Receivable for securities sold
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|
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1.4
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|
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0.07
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Other assets
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2.5
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0.12
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Total assets
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640.3
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29.56
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Senior notes
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185.0
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8.54
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Preferred stock
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70.0
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3.23
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Total leverage
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255.0
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11.77
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|
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Other liabilities
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|
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4.3
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|
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0.20
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Total liabilities
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|
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4.3
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|
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0.20
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|
|
|
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Net assets
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$
|
381.0
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$
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17.59
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|
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The Fund had 21,663,136 common shares outstanding as of November 30,
2015.
As of November 30, 2015, equity and debt investments were 88% and 12%,
respectively, of the Fund’s long-term investments of $604 million.
Long-term investments were comprised of Midstream Company (49%), MLP and
MLP Affiliate (34%), Other Energy (3%), Other (2%) and Debt (12%).
The Fund’s ten largest holdings by issuer at November 30, 2015 were:
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Units / Shares (in thousands)
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Amounts ($ millions)
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Percent of Long-Term Investments
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1.
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Kinder Morgan, Inc. (Midstream Company)
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2,578
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$60.8
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10.1%
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2.
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Enbridge Energy Management, L.L.C. (Midstream MLP)
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2,160
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53.9
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8.9%
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3.
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The Williams Companies, Inc. (Midstream Company) *
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1,439
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52.6
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8.7%
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4.
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Plains GP Holdings, L.P. (Midstream Company)
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2,722
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33.4
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5.5%
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5.
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Energy Transfer Partners, L.P. (Midstream MLP)
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670
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25.6
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4.2%
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6.
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ONEOK Partners, L.P. (Midstream MLP)
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778
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23.5
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3.9%
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7.
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ONEOK, Inc. (Midstream Company)
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776
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22.9
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3.8%
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8.
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Spectra Energy Corp. (Midstream Company)
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651
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17.0
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2.8%
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9.
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Dynagas LNG Partners LP (Midstream Company)
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1,296
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16.5
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2.7%
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10.
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KNOT Offshore Partners LP (Midstream Company)
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843
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13.4
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2.2%
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_____________
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* On September 28, 2015, Energy Transfer Equity, L.P. (“ETE”) announced
the acquisition of The Williams Companies, Inc. (“WMB”). As of November
30, 2015, the Fund did not own any ETE units.
The Fund 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
provide a high level of total return with an emphasis on making
quarterly 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 on page ii of the Prospectus for
definitions of certain key terms.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151202006510/en/
Copyright Business Wire 2015
Source: Business Wire
(December 2, 2015 - 8:45 PM EST)
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