Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at November 30, 2015
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 November 30, 2015.
As of November 30, 2015, the Company’s net assets were $2.1 billion, and
its net asset value per share was $19.20. As of November 30, 2015, the
Company’s asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 353% and the Company’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 243%.
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Kayne Anderson MLP Investment Company
Statement of Assets and Liabilities
November 30,
2015
(Unaudited)
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(in millions)
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Per Share
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Investments
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$
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3,926.8
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$
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35.21
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Cash
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147.7
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1.32
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Deposits
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0.3
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-
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Accrued income
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1.1
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0.01
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Receivable for securities sold
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8.4
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0.08
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Other assets
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11.5
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0.10
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Total assets
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4,095.8
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36.72
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Senior notes
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1,031.0
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9.24
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Preferred stock
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464.0
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4.16
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Total leverage
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1,495.0
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13.40
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Payable for securities purchased
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6.1
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0.06
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Other liabilities
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37.6
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0.34
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Deferred income tax liability
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415.4
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3.72
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Total liabilities
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459.1
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4.12
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Net assets
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$
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2,141.7
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$
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19.20
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The Fund had 111,525,012 common shares outstanding as of November
30, 2015.
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Long-term investments were comprised of Midstream MLP (86%), Midstream
Company (7%), General Partner MLP (3%), Shipping MLP (2%) and Other (2%).
The Company’s ten largest holdings by issuer at November 30, 2015 were:
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Units / Shares
(in thousands)
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Amount
($ millions)
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Percent of
Long-Term
Investments
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1.
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Enterprise Products Partners L.P. (Midstream MLP)
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22,460
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$570.3
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14.5%
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2.
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Energy Transfer Partners, L.P. (Midstream MLP)
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11,409
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435.9
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11.1%
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3.
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Williams Partners L.P. (Midstream MLP) *
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10,513
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288.3
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7.3%
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4.
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Kinder Morgan, Inc. (Midstream Company)
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11,270
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265.6
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6.8%
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5.
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MarkWest Energy Partners, L.P. (Midstream MLP)**
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4,524
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217.2
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5.5%
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6.
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Plains All American Pipeline, L.P. (Midstream MLP)
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8,373
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207.5
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5.3%
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7.
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ONEOK Partners, L.P. (Midstream MLP)
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6,858
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207.3
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5.3%
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8.
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Buckeye Partners, L.P. (Midstream MLP)
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2,755
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186.5
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4.7%
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9.
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Western Gas Partners, LP (Midstream MLP)
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3,786
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181.8
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4.6%
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10.
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DCP Midstream Partners, LP (Midstream MLP)
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6,663
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169.2
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4.3%
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_____________
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*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”). As of November
30, 2015, the Company
owned 1,410 units ($26.7 million) of ETE and no shares of WMB.
**On December 1, 2015, shareholders of MarkWest Energy Partners,
L.P. (“MWE”) approved a combination with
MPLX LP (“MPLX”)
whereby MWE would become a wholly owned subsidiary of MPLX. Under
the terms of the
merger agreement, common unitholders of MWE
will receive 1.09 MPLX common units and a cash payment of $6.20
for
each MWE common unit they own. The merger is expected to be
completed on December 4, 2015. At November
30, 2015, the
Company owned 58 units ($2.5 million) of MPLX.
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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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151202006508/en/
Copyright Business Wire 2015
Source: Business Wire
(December 2, 2015 - 8:45 PM EST)
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