Kayne Anderson Midstream/Energy Fund Provides Strategic Update

Rhea-AI Summary

Kayne Anderson Midstream/Energy Fund (NYSE: KMF) will change its name to Kayne Anderson NextGen Energy & Infrastructure, Inc., effective 60 days after notifying shareholders. This strategic shift aims to focus on companies that facilitate the transition to sustainable energy, investing at least 80% of total assets in relevant energy and infrastructure companies. Chairman Jim Baker emphasized the importance of this transition, particularly in reducing carbon emissions. This update will be communicated in the upcoming semi-annual report to shareholders.

Positive

• KMF is repositioning to focus on sustainable energy and infrastructure sectors.
• The Fund plans to invest at least 80% of its assets in energy and infrastructure companies.
• Emphasis on next-generation companies aiding the energy transition provides potential growth opportunities.

Negative

• None.

HOUSTON, July 27, 2020 (GLOBE NEWSWIRE) --

• KMF is being repositioned to focus on key trends and developments within the energy and infrastructure sectors;
  
  
• KMF is targeting the “next generation” of companies helping to facilitate the transition to a more sustainable mix of lower carbon and renewable energy; and
  
  
• KMF will be renamed “Kayne Anderson NextGen Energy & Infrastructure, Inc.”

Kayne Anderson Midstream/Energy Fund, Inc. (NYSE: KMF) (the “Fund”) announced today that its Board of Directors has approved a proposal to change the Fund’s name to Kayne Anderson NextGen Energy & Infrastructure, Inc. The Fund’s Board of Directors also approved an amendment to the Fund’s non-fundamental investment policies, as described below. The Fund’s management and its Board of Directors believe these changes provide KMF additional flexibility to capitalize on key trends and developments within the energy and infrastructure sectors.

“The energy sector is in the midst of a profound transition,” says Jim Baker, KMF’s Chairman, President and CEO. “By focusing on the companies facilitating the energy sector’s transition to a more sustainable mix of lower carbon and renewable energy, the Fund is well positioned to capitalize on this trend. The global push to reduce carbon emissions will have a material impact on both the energy and infrastructure sectors in the coming decades. We are very excited about the ways renewable infrastructure companies, utilities, and natural gas focused midstream companies can benefit from the energy transition,” continued Mr. Baker.

Under its revised investment policies, KMF plans to invest at least 80% of the Fund’s total assets in securities of energy companies and infrastructure companies. Further, KMF plans to invest a majority of its assets in securities of next generation companies facilitating the energy transition. We expect these next generation companies to be a mix of renewable infrastructure companies, utilities, and natural gas focused midstream companies.

The name change and changes to KMF’s investment policies will become effective upon 60 days’ written notice to stockholders, which is expected to be on or about September 28, 2020. Written notice of these changes is being provided in the Fund’s semi-annual report, which is being mailed to stockholders this week. The report will also be available at www.kaynefunds.com once filed with the SEC.

For more information on the Fund’s strategic update, please see the podcast and presentation titled “Closed-End Fund Strategic Update” along with the frequently asked questions posted on www.kaynefunds.com/insights.

Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. KMF’s investment objective is to provide a high level of total return with an emphasis on cash distributions to its stockholders. KMF seeks to achieve its investment objective 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. KMF 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 for a description of these investment categories and for the meaning of capitalized terms.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. Please consult with your investment, tax or legal adviser regarding your individual circumstances prior to investing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements are subject to a variety of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the fund’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. This press release reflects the Fund’s views and opinions as of the date herein, which are subject to change at any time based on market and other conditions. Actual events could differ materially from these statements or from present expectations or projections. You should not place undue reliance on these 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 objectives will be attained.

KA Fund Advisors, LLC
Investor Relations
877-657-3863
cef@kaynecapital.com
www.kaynefunds.com

FAQ

What is the new name of KMF?

KMF will be renamed to Kayne Anderson NextGen Energy & Infrastructure, Inc.

When will the name change for KMF take effect?

The name change will become effective 60 days after written notice to stockholders, expected around September 28, 2020.

What percentage of KMF's assets will be invested in energy and infrastructure companies?

KMF plans to invest at least 80% of its total assets in energy and infrastructure companies.

What is KMF's strategy regarding the energy transition?

KMF aims to focus on next-generation companies facilitating the transition to lower carbon and renewable energy.

Who is KMF's chairman and what did he say about the energy transition?

Jim Baker, KMF's Chairman, stated that the energy sector is undergoing a profound transition towards sustainability.