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 April 30, 2016.
As of April 30, 2016, the Fund’s net assets were $295 million and its net asset value per share was $13.38. As of April 30, 2016, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 462% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 334%.
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Kayne Anderson Midstream/Energy Fund, Inc. |
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| Statement of Assets and Liabilities | ||||||||
| April 30, 2016 | ||||||||
| (Unaudited) | ||||||||
| (in millions) | Per Share | |||||||
| Investments | $ | 415.0 | $ | 18.84 | ||||
| Cash and cash equivalents | 1.7 | 0.08 | ||||||
| Deposits | 0.3 | 0.01 | ||||||
| Accrued income | 4.7 | 0.21 | ||||||
| Receivable for securities sold | 0.1 | - | ||||||
| Other assets | 1.6 | 0.07 | ||||||
| Total assets | 423.4 | 19.21 | ||||||
| Senior notes | 91.0 | 4.13 | ||||||
| Preferred stock | 35.0 | 1.59 | ||||||
| Total leverage | 126.0 | 5.72 | ||||||
| Payable for securities purchased | 0.8 | 0.04 | ||||||
| Other liabilities | 1.7 | 0.07 | ||||||
| Total liabilities | 2.5 | 0.11 | ||||||
| Net assets | $ | 294.9 | $ | 13.38 | ||||
| The Fund had 22,034,170 common shares outstanding as of April 30, 2016. | ||||||||
As of April 30, 2016, equity and debt investments were 85% and 15%, respectively, of the Fund’s long-term investments of $415 million. Long-term investments were comprised of Midstream Company (50%), MLP and MLP Affiliate (31%), Other Energy (4%), and Debt (15%).
The Fund’s ten largest holdings by issuer at April 30, 2016 were:
|
Units / Principal |
Amount |
Percent of |
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| 1. | ONEOK, Inc. (Midstream Company) | 999 | $36.1 | 8.7% | ||||||||
| 2. | Enbridge Energy Management, L.L.C. (Midstream MLP) | 1,668 | 35.3 | 8.5% | ||||||||
| 3. | Plains GP Holdings, L.P. (Midstream Company) | 2,722 | 26.9 | 6.5% | ||||||||
| 4. | Dynagas LNG Partners LP (Midstream Company) | 1,296 | 20.3 | 4.9% | ||||||||
| 5. | The Williams Companies, Inc. (Midstream Company)* | 614 / 7,500 | 17.7 | 4.3% | ||||||||
| 6. | Spectra Energy Corp. (Midstream Company) | 563 | 17.6 | 4.2% | ||||||||
| 7. | Targa Resources Corp. (Midstream Company) | 433 | 17.5 | 4.2% | ||||||||
| 8. | KNOT Offshore Partners LP (Midstream Company) | 802 | 15.4 | 3.7% | ||||||||
| 9. | Energy Transfer Partners, L.P. (Midstream MLP) | 364 | 12.9 | 3.1% | ||||||||
| 10. | Golar LNG Partners LP (Midstream Company) | 752 | 12.7 | 3.1% | ||||||||
| ___________________ | ||||||||||||
| *On September 28, 2015, Energy Transfer Equity, L.P. (“ETE”) announced an agreement to combine with The Williams Companies, Inc. (“WMB”). As of April 30, 2016, the Fund did not own any ETE units. |
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.
