September 6, 2018 - 5:15 PM EDT
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Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at August 31, 2018

HOUSTON, Sept. 06, 2018 (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 August 31, 2018.

As of August 31, 2018, the Company’s net assets were $2.5 billion, and its net asset value per share was $19.43. As of August 31, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 432% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 313%.

Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
August 31, 2018
  (in millions) Per Share
Investments $  3,987.1  $  31.62 
Cash and cash equivalents    1.5     0.01 
Deposits    0.3   0.00 
Accrued income    1.3   0.01 
Receivable for securities sold    2.1     0.02 
Other assets    1.6     0.01 
Total assets    3,993.9     31.67 
Credit facility    38.0     0.30 
Term loans    79.0     0.63 
Notes    716.0     5.68 
Unamortized notes issuance costs   (2.3)    (0.02)
Preferred stock    317.0     2.51 
Unamortized preferred stock issuance costs   (1.7)    (0.01)
Total leverage    1,146.0     9.09 
Payable for securities purchased   0.2   0.00 
Other liabilities    12.9     0.10 
Current tax liability    22.8     0.18 
Net deferred tax liability    361.9     2.87 
Total liabilities    397.8     3.15 
Net assets $  2,450.1  $  19.43 
The Company had 126,097,992 common shares outstanding as of August 31, 2018.

Long-term investments were comprised of Midstream MLP (73%), Midstream Company (25%), General Partner MLP (1%) and Shipping MLP (1%).

The Company’s ten largest holdings by issuer at August 31, 2018 were:

  Units / Shares
(in thousands)
(in millions)
 Percent of
1. Enterprise Products Partners L.P. (Midstream MLP)18,416 $526.7 13.2% 
2. Energy Transfer Partners, L.P. (Midstream MLP)*19,095 430.6 10.8% 
3. The Williams Companies, Inc. (Midstream Company)11,295 334.2 8.4% 
4. ONEOK, Inc. (Midstream Company)4,936 325.4 8.2% 
5. MPLX LP (Midstream MLP)**7,420 271.5 6.8% 
6. Plains All American Pipeline, L.P. (Midstream MLP)8,613 225.0 5.6% 
7. Western Gas Partners, LP (Midstream MLP)4,471 218.4 5.5% 
8. Buckeye Partners, L.P. (Midstream MLP)***6,272 212.5 5.3% 
9. Targa Resources Corp. (Midstream Company)3,844 211.7 5.3% 
10. Magellan Midstream Partners, L.P. (Midstream MLP)2,074 141.6 3.6% 
* On August 1, 2018, Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) announced an agreement providing for the merger of ETP with ETE in a unit-for-unit exchange. As of August 31, 2018, the Company held 1,225 ETE common units ($21.4 million). 

** Includes 5,165 common units ($183.2 million) and 2,255 preferred units ($88.3 million).

*** Includes 3,662 common units ($129.1 million) and 2,610 Class C units ($83.4 million).

Kayne Anderson MLP/Midstream 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 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 of natural gas, natural gas liquids, 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 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. 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.


KA Fund Advisors, LLC

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Source: GlobeNewswire (September 6, 2018 - 5:15 PM EDT)

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