HOUSTON -- (Business Wire)
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 August 31, 2015.
As of August 31, 2015, the Fund’s net assets were $546 million and its
net asset value per share was $25.21. As of August 31, 2015, the Fund’s
asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 377% and the Fund’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 261%.
|
|
Kayne Anderson Midstream/Energy Fund, Inc. | |
| Statement of Assets and Liabilities | |
| August 31, 2015 | |
| (Unaudited) | |
|
|
|
|
(in millions)
|
|
|
Per Share
| |
|
Investments
| | | |
$
|
843.9
| | |
$
|
38.96
| |
|
Cash
| | | | |
44.7
| | | |
2.06
| |
|
Deposits
| | | | |
0.2
| | | |
0.01
| |
|
Accrued income
| | | | |
3.8
| | | |
0.18
| |
|
Receivable for securities sold
| | | | |
3.5
| | | |
0.16
| |
|
Other assets
| | | |
|
2.8
| | |
|
0.13
| |
|
Total assets
| | | | |
898.9
| | | |
41.50
| |
| | | | | | | |
|
|
Senior notes
| | | | |
235.0
| | | |
10.85
| |
|
Preferred stock
| | | |
|
105.0
| | |
|
4.85
| |
|
Total leverage
| | | |
|
340.0
| | |
|
15.70
| |
| | | | | | | |
|
|
Payable for securities purchased
| | | | |
5.0
| | | |
0.23
| |
|
Other liabilities
| | | |
|
7.7
| | |
|
0.36
| |
|
Total liabilities
| | | | |
12.7
| | | |
0.59
| |
| | | | | | | |
|
|
Net assets
| | | |
$
|
546.2
| | |
$
|
25.21
| |
| | | | | | | |
|
|
The Fund had 21,663,136 common shares outstanding as of August 31,
2015.
| |
|
|
As of August 31, 2015, equity and debt investments were 88% and 12%,
respectively, of the Fund’s long-term investments of $844 million.
Long-term investments were comprised of Midstream Company (50%), MLP and
MLP Affiliate (34%), Other Energy (3%), Other (1%) and Debt (12%).
The Fund’s ten largest holdings by issuer at August 31, 2015 were:
|
| |
|
|
Units/ Principal
(in thousands) |
|
|
Amounts
($ millions) |
|
|
Percent of
Long-Term
Investments | |
|
1.
| |
Kinder Morgan, Inc. (Midstream Company)
| | |
3,054
| | |
$99.0
| | |
11.7%
| |
|
2.
| |
Enbridge Energy Management, L.L.C. (Midstream MLP)
| | |
2,241
| | |
63.1
| | |
7.5%
| |
|
3.
| |
The Williams Companies, Inc. (Midstream Company) *
| | |
1,292
| | |
62.3
| | |
7.4%
| |
|
4.
| |
Plains GP Holdings, L.P. (Midstream Company)
| | |
2,486
| | |
48.7
| | |
5.8%
| |
|
5.
| |
ONEOK, Inc. (Midstream Company)
| | |
907/ 4,500
| | |
37.1
| | |
4.4%
| |
|
6.
| |
Energy Transfer Partners, L.P. (Midstream MLP)
| | |
704
| | |
34.6
| | |
4.1%
| |
|
7.
| |
ONEOK Partners, L.P. (Midstream MLP)
| | |
786
| | |
25.4
| | |
3.0%
| |
|
8.
| |
Enterprise Products Partners L.P. (Midstream MLP)
| | |
739
| | |
20.8
| | |
2.5%
| |
|
9.
| |
Dynagas LNG Partners LP (Midstream Company)
| | |
1,296
| | |
18.5
| | |
2.2%
| |
|
10.
| |
Targa Resources Corp. (Midstream Company)
| | |
250
| | |
16.5
| | |
2.0%
| |
|
_____________
|
|
* On May 13, 2015, The Williams Companies, Inc. (“WMB”) announced
the acquisition of Williams Partners L.P. (“WPZ”). Subsequent to
this announcement, WMB received an unsolicited acquisition proposal
that was conditioned upon the termination of the agreement between
WPZ and WMB. On June 21, 2015, WMB announced that it is exploring a
range of strategic alternatives. As a result, closing of WMB’s
acquisition of WPZ is not certain. As of August 31, 2015, the Fund
owned 153 shares ($6.1 million) of WPZ.
|
|
|
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 on page ii of the Prospectus for
definitions of certain key terms.
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/20150902006544/en/
Contacts:
KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/
Source: Kayne Anderson
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