Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at November 30, 2017

12/5/2017, 2:21 AM (Source: GlobeNewswire)

HOUSTON, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE:KMF) 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 $312 million and its net asset value per share was $14.15.  As of November 30, 2017, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 481% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 347%.

Kayne Anderson Midstream/Energy Total Return Fund 
Statement of Assets and Liabilities 
November 30, 2017 
  (in millions) Per Share 
Investments $434.2  $19.71  
Cash and cash equivalents  2.0   0.09  
Deposits  0.2   0.01  
Accrued income  1.9   0.09  
Receivable for securities sold  0.3   0.01  
Other assets  0.7   0.03  
Total assets  439.3   19.94  
Notes  91.0   4.13  
Unamortized notes issuance costs (0.4)  (0.02) 
Preferred stock  35.0   1.59  
Unamortized preferred stock issuance costs (0.3)  (0.01) 
Total leverage  125.3   5.69  
Payable for securities purchased 0.1   0.01  
Other liabilities  2.1   0.09  
Total liabilities  2.2   0.10  
Net assets $311.8  $14.15  
The Fund had 22,034,170 common shares outstanding as of November 30, 2017. 

As of November 30, 2017, equity and debt investments were 91% and 9%, respectively, of the Fund’s long-term investments of $434 million.  Long-term investments were comprised of Midstream Company (49%), MLP and MLP Affiliate (38%), Other Energy (4%), and Debt (9%). 

The Fund’s ten largest holdings by issuer at November 30, 2017 were:

  Units / Shares
(in thousands)
($ millions) 
 Percent of
1.ONEOK, Inc. (Midstream Company)652 $33.9  7.8% 
2.Targa Resources Corp. (Midstream Company)714 31.0 7.1% 
3.Plains GP Holdings, L.P. (Midstream MLP)1,392 28.7 6.6% 
4.The Williams Companies, Inc. (Midstream Company)900 26.1 6.0% 
5.Enbridge Energy Management, L.L.C. (Midstream MLP)1,891 25.5 5.9% 
6.Energy Transfer Partners, L.P. (Midstream MLP)986 16.4 3.8% 
7.GasLog Partners LP (Midstream Company)740 16.3 3.8% 
8.KNOT Offshore Partners LP (Midstream Company)802 16.2 3.7% 
9.Enbridge, Inc. (Midstream Company)429 16.2 3.7% 
10.MPLX LP (Midstream MLP)439 15.7 3.6% 

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 provide a high level of total return with an emphasis on making quarterly cash distributions to its stockholders by investing at least 80% of its total assets in securities of companies in the Midstream/Energy Sector, consisting of: (a) Midstream Master Limited Partnerships (“MLPs”), (b) Midstream Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund anticipates that the majority of its investments will consist of investments in Midstream MLPs and Midstream Companies. See Glossary of Key Terms in the Fund’s quarterly reports.

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

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