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 November 2, 2015 - 7:51 PM EST
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Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at October 31, 2015

Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE:KYE) 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, 2015.

As of October 31, 2015, the Fund’s net assets were $566 million, and its net asset value per share was $15.69. As of October 31, 2015, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 398% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 262%.

 

Kayne Anderson Energy Total Return Fund, Inc.

Statement of Assets and Liabilities
October 31, 2015
(Unaudited)
    (in millions)     Per Share
Investments $ 884.1 $ 24.51
Cash 16.0 0.44
Deposits 0.3 0.01
Accrued income 10.9 0.30
Receivable for securities sold 8.1 0.23
Other assets   2.2   0.06
Total assets 921.6 25.55
 
Senior notes 230.0 6.37
Preferred stock   120.0   3.33
Total leverage   350.0   9.70
 
Payable for securities purchased 0.9 0.03
Other liabilities   4.7   0.13
Total liabilities 5.6 0.16
 
Net assets $ 566.0 $ 15.69
 
The Fund had 36,075,488 common shares outstanding as of October 31, 2015.
 

As of October 31, 2015, equity and debt investments were 90% and 10%, respectively, of the Fund’s long-term investments of $884 million. Long-term investments were comprised of MLP and MLP Affiliate (38%), Midstream Company (29%), Marine (19%), U.S. and Canadian Upstream Income Trusts (1%), Other Energy (3%) and Debt (10%).

The Fund’s ten largest holdings by issuer at October 31, 2015 were:

             

Units / Shares
(in thousands)

Amount
($ millions)

Percent of
Long-Term
Investments

1. Kinder Morgan, Inc. (Midstream Company) 3,823 $104.5 11.8%
2. Enbridge Energy Management, L.L.C. (MLP Affiliate) 3,579 97.2 11.0%
3. Capital Product Partners L.P. (Marine)* 4,911 39.0 4.4%
4. The Williams Companies, Inc. (Midstream Company)** 885 34.9 3.9%
5. Energy Transfer Partners, L.P. (MLP) 776 34.3 3.9%
6. Teekay Offshore Partners L.P. (Marine) 1,971 30.3 3.4%
7. ONEOK, Inc. (Midstream Company) 859 29.1 3.3%
8. Plains GP Holdings, L.P. (Midstream Company) 1,705 26.5 3.0%
9. Golar LNG Partners LP (Marine) 1,465 26.1 2.9%
10. ONEOK Partners, L.P. (MLP) 760 24.2 2.7%
_____________    

 

* Includes 3,333 Class B units ($27.3 million) and 1,578 common units ($11.7 million).

** On September 28, 2015, Energy Transfer Equity, L.P. (“ETE”) announced an agreement to combine with The Williams Companies, Inc. (“WMB”). WMB is the general partner of Williams Partners L.P. (“WPZ”). In conjunction with this announcement, WPZ announced the termination of the merger agreement between WMB and WPZ. As of October 31, 2015, the Fund owned 217 units ($7.3 million) of WPZ and did not own any ETE units.

The Fund 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 Fund’s investment objective is to obtain a high total return with an emphasis on current income by investing primarily in securities of companies engaged in the energy industry, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, energy-related U.S. and Canadian royalty trusts and income trusts and other companies that derive at least 50% of their revenues from operating assets used in, or providing energy-related services for, the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing of 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: Business Wire (November 2, 2015 - 7:51 PM EST)

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