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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 June 30, 2015

July 1, 2015 8:00 PM EDT

HOUSTON--(BUSINESS WIRE)-- 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 June 30, 2015.

As of June 30, 2015, the Company’s net assets were $3.2 billion, and its net asset value per share was $28.66. As of June 30, 2015, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 367% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 266%.

 

Kayne Anderson MLP Investment Company

Statement of Assets and Liabilities
June 30, 2015
(Unaudited)
  (in millions)   Per Share
Investments $ 6,015.9 $ 54.23
Cash 1.6 0.01
Deposits 0.3 -
Accrued income 0.7 0.01
Receivable for securities sold 29.5 0.27
Other assets   14.2   0.13
Total assets 6,062.2 54.65
 
Term loan 30.0 0.27
Senior notes 1,356.0 12.22
Preferred stock   524.0   4.73
Total leverage   1,910.0   17.22
 
Other liabilities 11.6 0.11
Deferred income tax liability   960.8   8.66
Total liabilities 972.4 8.77
 
Net assets $ 3,179.8 $ 28.66
 
The Fund had 110,930,378 common shares outstanding as of June 30, 2015.
 

Long-term investments were comprised of Midstream MLP (81%), Midstream Company (11%), General Partner MLP (4%), Shipping MLP (2%) and Other (2%).

The Company’s ten largest holdings by issuer at June 30, 2015 were:

       
Units

(in thousands)

Amounts

($ millions)

Percent ofLong-TermInvestments

1.

Energy Transfer Partners, L.P. (Midstream MLP)

13,578

$708

.8

11

.8%

2. Enterprise Products Partners L.P. (Midstream MLP) 22,883 684 .0 11 .4%
3. Kinder Morgan, Inc. (Midstream Company) 14,327 550 .0 9 .1%
4. Williams Partners L.P. (Midstream MLP) * 10,362 501 .8 8 .3%
5. Plains All American Pipeline, L.P. (Midstream MLP) 8,430 367 .3 6 .1%
6. MarkWest Energy Partners, L.P. (Midstream MLP) 5,989 337 .6 5 .6%
7. Buckeye Partners, L.P. (Midstream MLP) 3,002 221 .9 3 .7%
8. Western Gas Partners, LP (Midstream MLP) 3,384 214 .5 3 .6%
9. DCP Midstream Partners, LP (Midstream MLP)

6,760

 

207 .5 3 .4%
10. ONEOK Partners, L.P. (Midstream MLP) 5,890 200 .3 3 .3%
_____________    

* On May 13, 2015, The Williams Companies, Inc. (“WMB”) announced an agreement to acquire all of theoutstanding public common units of Williams Partners L.P. As of June 30, 2015, the Company held 442 shares($25.4 million) of WMB. The acquisition is expected to close in the third quarter of 2015.

 

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.

KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/

Source: Kayne Anderson



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