Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at October 31, 2016
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 October 31, 2016.
As of October 31, 2016, the Company’s net assets were $2.1 billion, and
its net asset value per share was $18.42. As of October 31, 2016, the
Company’s asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 391% and the Company’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 275%.
|
|
|
Kayne Anderson MLP Investment Company
|
|
Statement of Assets and Liabilities
|
|
October 31, 2016
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
Per Share
|
|
Investments
|
|
$
|
3,798.0
|
|
$
|
33.41
|
|
Cash and cash equivalents
|
|
|
2.2
|
|
|
0.02
|
|
Deposits
|
|
|
0.3
|
|
|
-
|
|
Accrued income
|
|
|
31.0
|
|
|
0.27
|
|
Receivable for securities sold
|
|
|
1.0
|
|
|
0.01
|
|
Income tax receivable
|
|
|
18.4
|
|
|
0.16
|
|
Other assets
|
|
|
8.4
|
|
|
0.07
|
|
Total assets
|
|
|
3,859.3
|
|
|
33.94
|
|
|
|
|
|
|
|
Term loan
|
|
|
75.0
|
|
|
0.66
|
|
Senior notes
|
|
|
767.0
|
|
|
6.75
|
|
Preferred stock
|
|
|
354.0
|
|
|
3.11
|
|
Total leverage
|
|
|
1,196.0
|
|
|
10.52
|
|
|
|
|
|
|
|
Payable for securities purchased
|
|
|
5.4
|
|
|
0.05
|
|
Other liabilities
|
|
|
22.0
|
|
|
0.19
|
|
Deferred income tax liability
|
|
|
541.7
|
|
|
4.76
|
|
Total liabilities
|
|
|
569.1
|
|
|
5.00
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
2,094.2
|
|
$
|
18.42
|
|
|
|
|
|
|
The Company had 113,687,509 common shares outstanding as of October
31, 2016.
|
|
|
Long-term investments were comprised of Midstream MLP (92%), Midstream
Company (4%), General Partner MLP (2%) and Shipping MLP (2%).
The Company’s ten largest holdings by issuer at October 31, 2016 were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units / Shares
(in thousands)
|
|
Amount
($ millions)
|
|
Percent of
Long-Term
Investments
|
|
1.
|
|
Enterprise Products Partners L.P. (Midstream MLP)
|
|
18,731
|
|
$
|
472.8
|
|
12.4%
|
|
2.
|
|
Williams Partners L.P. (Midstream MLP)
|
|
10,728
|
|
|
384.3
|
|
10.1%
|
|
3.
|
|
Energy Transfer Partners, L.P. (Midstream MLP)
|
|
10,600
|
|
|
370.8
|
|
9.8%
|
|
4.
|
|
ONEOK Partners, L.P. (Midstream MLP)
|
|
6,957
|
|
|
276.5
|
|
7.3%
|
|
5.
|
|
Plains All American Pipeline, L.P. (Midstream MLP)
|
|
8,757
|
|
|
265.9
|
|
7.0%
|
|
6.
|
|
MPLX LP (Midstream MLP)*
|
|
6,833
|
|
|
245.3
|
|
6.5%
|
|
7.
|
|
Western Gas Partners, LP (Midstream MLP)**
|
|
3,841
|
|
|
212.2
|
|
5.6%
|
|
8.
|
|
DCP Midstream Partners, LP (Midstream MLP)
|
|
6,097
|
|
|
203.3
|
|
5.4%
|
|
9.
|
|
Buckeye Partners, L.P. (Midstream MLP)
|
|
2,748
|
|
|
177.4
|
|
4.7%
|
|
10.
|
|
Magellan Midstream Partners, L.P. (Midstream MLP)
|
|
2,304
|
|
|
154.9
|
|
4.1%
|
_____________
* Includes 4,578 common units ($155.7 million) and 2,255 preferred units
($89.6 million).
** Includes 3,707 common units ($204.4 million) and 134 preferred units
($7.8 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101006978/en/
Copyright Business Wire 2016
Source: Business Wire
(November 1, 2016 - 7:25 PM EDT)
News by QuoteMedia
www.quotemedia.com
