HOUSTON, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Kayne Anderson MLP/Midstream 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 September 30, 2018.
As of September 30, 2018, the Company’s net assets were $2.4 billion, and its net asset value per share was $18.86. As of September 30, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 415% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 303%.
| Kayne Anderson MLP/Midstream Investment Company | |||||||
| Statement of Assets and Liabilities | |||||||
| September 30, 2018 | |||||||
| (Unaudited) | |||||||
| (in millions) | Per Share | ||||||
| Investments | $ | 3,929.1 | $ | 31.16 | |||
| Cash and cash equivalents | 0.1 | 0.00 | |||||
| Deposits | 0.2 | 0.00 | |||||
| Accrued income | 0.8 | 0.01 | |||||
| Receivable for securities sold | 0.3 | 0.00 | |||||
| Other assets | 1.1 | 0.01 | |||||
| Total assets | 3,931.6 | 31.18 | |||||
| Credit facility | 81.0 | 0.64 | |||||
| Term loan | 60.0 | 0.48 | |||||
| Unamortized term loan issuance costs | (0.4) | (0.00) | |||||
| Notes | 716.0 | 5.68 | |||||
| Unamortized notes issuance costs | (2.2) | (0.02) | |||||
| Preferred stock | 317.0 | 2.51 | |||||
| Unamortized preferred stock issuance costs | (1.7) | (0.01) | |||||
| Total leverage | 1,169.7 | 9.28 | |||||
| Payable for securities purchased | 0.4 | 0.00 | |||||
| Other liabilities | 13.7 | 0.11 | |||||
| Current tax liability | 21.6 | 0.17 | |||||
| Net deferred tax liability | 347.5 | 2.76 | |||||
| Total liabilities | 383.2 | 3.04 | |||||
| Net assets | $ | 2,378.7 | $ | 18.86 | |||
| The Company had 126,097,992 common shares outstanding as of September 30, 2018. | |||||||
Long-term investments were comprised of Midstream MLP (73%), Midstream Company (25%), General Partner MLP (1%) and Shipping MLP (1%).
The Company’s ten largest holdings by issuer at September 30, 2018 were:
| Units / Shares (in thousands) | Amount (in millions) | Percent of Long-Term Investments | ||||||||||||||
| 1. | Enterprise Products Partners L.P. (Midstream MLP) | 18,416 | $529.1 | 13.5% | ||||||||||||
| 2. | Energy Transfer Partners, L.P. (Midstream MLP)* | 19,095 | 425.1 | 10.8% | ||||||||||||
| 3. | ONEOK, Inc. (Midstream Company) | 4,936 | 334.6 | 8.5% | ||||||||||||
| 4. | The Williams Companies, Inc. (Midstream Company) | 11,120 | 302.4 | 7.7% | ||||||||||||
| 5. | MPLX LP (Midstream MLP)** | 7,351 | 263.1 | 6.7% | ||||||||||||
| 6. | Targa Resources Corp. (Midstream Company) | 3,844 | 216.4 | 5.5% | ||||||||||||
| 7. | Buckeye Partners, L.P. (Midstream MLP)*** | 6,272 | 215.7 | 5.5% | ||||||||||||
| 8. | Plains All American Pipeline, L.P. (Midstream MLP) | 8,613 | 215.4 | 5.5% | ||||||||||||
| 9. | Western Gas Partners, LP (Midstream MLP) | 4,471 | 195.3 | 5.0% | ||||||||||||
| 10. | Magellan Midstream Partners, L.P. (Midstream MLP) | 2,110 | 142.9 | 3.6% | ||||||||||||
| _____________ | ||||||||||||||||
* On August 1, 2018, Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) announced an agreement providing for the merger of ETP with ETE in a unit-for-unit exchange. As of September 30, 2018, the Company held 690 ETE common units ($12.0 million).
** Includes 5,096 common units ($176.7 million) and 2,255 preferred units ($86.4 million).
*** Includes 3,662 common units ($130.8 million) and 2,610 Class C units ($84.9 million).
Kayne Anderson MLP/Midstream 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 (“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, crude oil, refined petroleum products or coal (collectively with midstream MLPs “Midstream Energy Companies”).
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.
Contact:
KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/