Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at June 30, 2020 – GlobeNewswire
HOUSTON, July 01, 2020 (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 June 30, 2020.
As of June 30, 2020, the Company’s net assets were $819 million, and its net asset value per share was $6.47. As of June 30, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 660% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 317%.
Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
June 30, 2020
(Unaudited)
(in millions)
Investments
$
1,183.3
Cash and cash equivalents
22.1
Receivable for securities sold
6.2
Deposits
0.3
Accrued income
0.5
Tax asset, net
23.0
Other assets
1.1
Total assets
1,236.5
Notes
181.0
Unamortized notes issuance costs
(0.4
)
Preferred stock
195.7
Unamortized preferred stock issuance costs
(2.0
)
Total leverage
374.3
Payable for securities purchased
–
Other liabilities
3.3
Deferred tax liability
40.4
Total liabilities
43.7
Net assets
$
818.5
The Company had 126,447,554 common shares outstanding as of June 30, 2020.
As of June 30, 2020, equity and debt investments were 99% and 1%, respectively, of the Company’s long-term investments of $1.2 billion. Long-term investments were comprised of Midstream MLP (68%), Midstream Company (27%), Renewable Infrastructure/Utility Company (4%) and Debt (1%).
The Company’s ten largest holdings by issuer at June 30, 2020 were:
Amount (in millions)
Percent of Long-Term Investments*
1.
MPLX LP (Midstream MLP)
$150.7
12.7
%
2.
Enterprise Products Partners L.P. (Midstream MLP)
148.9
12.6
%
3.
Energy Transfer LP (Midstream MLP)
107.7
9.1
%
4.
The Williams Companies, Inc. (Midstream Company)
101.3
8.6
%
5.
Targa Resources Corp. (Midstream Company)
76.4
6.5
%
6.
Magellan Midstream Partners, L.P. (Midstream MLP)
72.0
6.1
%
7.
Plains All American Pipeline, L.P. (Midstream MLP)
67.4
5.7
%
8.
Shell Midstream Partners, L.P. (Midstream MLP)
55.2
4.7
%
9.
Western Midstream Partners, LP (Midstream MLP)
49.1
4.1
%
10.
Phillips 66 Partners LP (Midstream MLP)
46.9
4.0
%
____________ * Excludes cash.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.
Kayne Anderson MLP/Midstream Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, 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”).
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Past performance is not a guarantee of future results. Current performance may be lower or higher than that shown based on market fluctuations from the end of the reported period.
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, available at www.sec.gov. 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.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
