Kayne Anderson Energy Development (KED) Provides Update on Distributions from Portfolio Companies
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Kayne Anderson Energy Development (NYSE: KED) announced that the decision by Eagle Rock Energy Partners, L.P. to temporarily reduce its distribution will decrease the Company's distributable cash flow by approximately $0.05 per share on a quarterly basis. KED owned approximately 1.6 million Eagle Rock common units as of February 28, 2009, substantially all of which were received as partial consideration for the sale of Millennium Midstream Partners, LP.
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"While there have been other reductions in distributions from MLPs in our portfolio, such as BreitBurn Energy Partners L.P., Hiland Partners, LP and Atlas Energy Resources, LLC, our holdings in these MLPs were substantially smaller than the Eagle Rock position. By selling substantially all of these securities and redeploying the proceeds into other MLPs, the impact of these other cuts on our distributable cash flow is not material. Therefore, the primary impact on our distributable cash flow is the Eagle Rock reduction," stated Kevin McCarthy, Chairman and CEO of the Company.
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