Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at November 30, 2017
HOUSTON, Dec. 04, 2017 (GLOBE NEWSWIRE) -- 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 November 30, 2017.
As of November 30, 2017, the Fund’s net assets were $384 million, and its net asset value per share was $10.46. As of November 30, 2017, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 412% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 318%.
Kayne Anderson Energy Total Return Fund
Statement of Assets and Liabilities
November 30, 2017
(Unaudited)
(in millions)
Per Share
Investments
$
547.2
$
14.89
Cash and cash equivalents
11.5
0.31
Deposits
0.2
0.01
Accrued income
2.4
0.07
Receivable for securities sold
0.3
0.01
Other assets
0.5
0.01
Total assets
562.1
15.30
Term loan
21.0
0.57
Notes
115.0
3.13
Unamortized notes issuance costs
(0.5
)
(0.01
)
Preferred stock
40.0
1.09
Unamortized preferred stock issuance costs
(0.5
)
(0.01
)
Total leverage
175.0
4.77
Payable for securities purchased
0.1
0.00
Other liabilities
2.8
0.07
Total liabilities
2.9
0.07
Net assets
$
384.2
$
10.46
The Fund had 36,742,919 common shares outstanding as of November 30, 2017.
As of November 30, 2017, equity and debt investments were 92% and 8%, respectively, of the Fund’s long-term investments of $547 million. Long-term investments were comprised of MLP and MLP Affiliate (38%), Midstream Company (30%), Marine (21%), Other Energy (3%) and Debt (8%).
The Fund’s ten largest holdings by issuer at November 30, 2017 were:
Units / Shares (in thousands)
Amount ($ millions)
Percent of Long-Term Investments
1.
Enbridge Energy Management, L.L.C. (MLP Affiliate)
3,171
$42.8
7.8
%
2.
ONEOK, Inc. (Midstream Company)
772
37.5
6.8
%
3.
Targa Resources Corp. (Midstream Company)
813
35.3
6.4
%
4.
Plains GP Holdings, L.P. (MLP)
1,503
30.9
5.7
%
5.
Golar LNG Partners LP (Marine)
1,353
27.1
4.9
%
6.
The Williams Companies, Inc. (Midstream Company)
908
26.4
4.8
%
7.
Capital Product Partners L.P. (Marine)
3,333
26.1
4.8
%
8.
KNOT Offshore Partners LP (Marine)
1,158
23.4
4.3
%
9.
Energy Transfer Partners, L.P. (MLP)
1,338
22.2
4.1
%
10.
GasLog Partners LP (Marine)
853
18.8
3.4
%
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, 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.
