Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at January 31, 2018
February 1, 2018 - 9:06 PM EST
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Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at January 31, 2018
HOUSTON, Feb. 01, 2018 (GLOBE NEWSWIRE) -- 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 January 31, 2018.
As of January 31, 2018, the Company’s net assets were $2.3 billion, and its net asset value per share was $19.75. As of January 31, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 418% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 307%.
Kayne Anderson MLP Investment Company
Statement of Assets and Liabilities
January 31, 2018
(Unaudited)
(in millions)
Per Share
Investments
$
3,747.6
$
32.55
Cash and cash equivalents
1.5
0.01
Cash
-
-
Deposits
0.2
0.00
Accrued income
28.2
0.24
Receivable for securities sold
3.0
0.03
Income tax receivable
-
-
Other assets
1.1
0.01
Total assets
3,781.6
32.84
Term loan
59.0
0.51
Notes
747.0
6.49
Unamortized notes issuance costs
(2.7
)
(0.02
)
Preferred stock
292.0
2.54
Unamortized preferred stock issuance costs
(2.1
)
(0.02
)
Total leverage
1,093.2
9.50
Distribution payable
-
-
Payable for capital shares purchased
-
-
Payable for securities purchased
4.8
0.04
Other liabilities
14.0
0.12
Current tax liability
-
-
Deferred tax liability
395.2
3.43
Total liabilities
414.0
3.59
Net assets
$
2,274.4
$
19.75
The Company had 115,133,064 common shares outstanding as of January 31, 2018.
Long-term investments were comprised of Midstream MLP (86%), Midstream Company (12%), Shipping MLP (1%) and General Partner MLP (1%).
The Company’s ten largest holdings by issuer at January 31, 2018 were:
Units / Shares (in thousands)
Amount (in millions)
Percent of Long-Term Investments
1.
Enterprise Products Partners L.P. (Midstream MLP)
19,830
$547.7
14.6%
2.
Energy Transfer Partners, L.P. (Midstream MLP)
18,385
368.4
9.8%
3.
Williams Partners L.P. (Midstream MLP)
8,287
347.2
9.3%
4.
ONEOK, Inc. (Midstream Company)
4,698
276.5
7.4%
5.
MPLX LP (Midstream MLP)*
7,054
272.0
7.3%
6.
Western Gas Partners, LP (Midstream MLP)
3,879
195.0
5.2%
7.
Buckeye Partners, L.P. (Midstream MLP)
3,391
182.9
4.9%
8.
Plains All American Pipeline, L.P. (Midstream MLP)
8,710
182.7
4.9%
9.
DCP Midstream, LP (Midstream MLP)
3,952
163.4
4.4%
10.
Targa Resources Corp. (Midstream Company)
3,332
159.9
4.3%
_____________
* Includes 4,798 common units ($178.5 million) and 2,256 preferred units ($93.5 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 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 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 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. 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.
