Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at December 31, 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 December 31, 2015.
As of December 31, 2015, the Company’s net assets were $2.0 billion, and
its net asset value per share was $17.72. As of December 31, 2015, the
Company’s asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 385% and the Company’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 255%.
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Kayne Anderson MLP Investment Company
Statement of
Assets and Liabilities
December 31, 2015
(Unaudited)
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(in millions)
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Per Share
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Investments
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$
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3,501.4
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$
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31.21
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Cash
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87.1
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0.78
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Deposits
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0.2
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-
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Accrued income
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0.7
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0.01
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Receivable for securities sold
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2.4
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0.02
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Other assets
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10.5
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0.09
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Total assets
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3,602.3
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32.11
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Senior notes
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851.0
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7.58
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Preferred stock
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434.0
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3.87
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Total leverage
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1,285.0
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11.45
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Other liabilities
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7.8
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0.07
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Deferred income tax liability
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321.5
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2.87
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Total liabilities
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329.3
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2.94
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Net assets
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$
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1,988.0
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$
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17.72
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The Fund had 112,190,049 common shares outstanding as of December 31,
2015.
Long-term investments were comprised of Midstream MLP (92%), Midstream
Company (3%), General Partner MLP (2%), Shipping MLP (2%) and Other (1%).
The Company’s ten largest holdings by issuer at December 31, 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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21,405
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$547.5
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15.6%
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2.
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Energy Transfer Partners, L.P. (Midstream MLP)
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10,646
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359.1
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10.3%
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3.
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Williams Partners L.P. (Midstream MLP) *
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10,293
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286.6
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8.2%
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4.
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ONEOK Partners, L.P. (Midstream MLP)
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6,858
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206.6
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5.9%
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5.
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Plains All American Pipeline, L.P. (Midstream MLP)
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8,373
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193.4
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5.5%
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6.
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MPLX LP (Midstream MLP)
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4,683
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184.2
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5.3%
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7.
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Western Gas Partners, LP (Midstream MLP)
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3,724
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177.0
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5.1%
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8.
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Buckeye Partners, L.P. (Midstream MLP)
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2,678
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176.7
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5.0%
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9.
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DCP Midstream Partners, LP (Midstream MLP)
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6,663
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164.4
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4.7%
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10.
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Magellan Midstream Partners, L.P. (Midstream MLP)
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2,404
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163.2
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4.7%
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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 December
31, 2015, the Company owned 1,410 units ($19.4 million) of ETE and no
shares of WMB.
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.
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