Kayne Anderson NextGen Energy & Infrastructure Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at October 31, 2020

Rhea-AI Summary

As of October 31, 2020, Kayne Anderson NextGen Energy & Infrastructure reported net assets of $278 million and a net asset value per share of $5.89. The Fund's asset coverage ratio for senior securities was 457%, while total leverage coverage was 346%. Total assets amounted to $392.4 million, with long-term investments totaling $388 million. Major investments included Midstream (49%) and Renewable Infrastructure (30%) companies. The Fund, aiming for high total return through cash distributions, maintains a portfolio heavily weighted in Energy and Infrastructure sectors.

Positive

• Net assets at $278 million indicate a stable financial position.
• Strong asset coverage ratios: 457% for senior securities and 346% for total leverage.
• Portfolio composition favors growth sectors, with 49% in Midstream and 30% in Renewable Infrastructure.

Negative

• None.

HOUSTON, Nov. 02, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson NextGen Energy & Infrastructure, 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 October 31, 2020.

As of October 31, 2020, the Fund’s net assets were $278 million and its net asset value per share was $5.89. As of October 31, 2020, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 457% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 346%.

Kayne Anderson NextGen Energy & Infrastructure, Inc.
Statement of Assets and Liabilities
October 31, 2020
(Unaudited)
		(in millions)
Investments		$	387.6
Cash and cash equivalents			1.7
Accrued income			2.6
Other assets			0.5
Total assets			392.4
Credit facility			1.0
Notes			84.5
Unamortized notes issuance costs			(0.2	)
Preferred stock			27.5
Unamortized preferred stock issuance costs			(0.1	)
Total leverage			112.7
Total liabilities			1.7
Net assets		$	278.0

The Fund had 47,197,462 common shares outstanding as of October 31, 2020.

As of October 31, 2020, equity and debt investments were 98% and 2%, respectively, of the Fund’s long-term investments of $388 million. Long-term investments were comprised of Midstream Company (49%), Renewable Infrastructure Company (30%), Utility Company (16%), Other Energy (2%), Infrastructure Company (1%) and Debt (2%).

The Fund’s ten largest holdings by issuer at October 31, 2020 were:   

		Amount (in millions)		Percent of Long-Term Investments1
1.	The Williams Companies, Inc. (Midstream Company)	$25.9		6.7	%
2.	Enterprise Products Partners L.P. (Midstream Company)	20.6		5.3	%
3.	Brookfield Renewable Partners L.P. (Renewable Infrastructure Company)	18.6		4.8	%
4.	Targa Resources Corp. (Midstream Company)	16.5		4.2	%
5.	NextEra Energy Partners, LP (Renewable Infrastructure Company)	16.1		4.2	%
6.	Atlantica Sustainable Infrastructure plc (Renewable Infrastructure Company)	15.3		4.0	%
7.	Kinder Morgan, Inc. (Midstream Company)	13.8		3.6	%
8.	Innergex Renewable Energy Inc. (Renewable Infrastructure Company)	13.5		3.5	%
9.	TC Energy Corporation (Midstream Company)	12.4		3.2	%
10.	NextEra Energy, Inc. (Utility Company)	11.5		3.0	%
____________
1 Excludes Cash

Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Fund’s most recent quarterly or annual report.

Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) 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. The Fund's investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments in ”NextGen” companies, which we define as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund's 2020 semi-annual report for a description of these investment categories and 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 communication 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 involve 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. Actual events could differ materially from these statements or from our 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. Kayne Anderson 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.

Contact: Investor Relations at (877) 657-3863 or cef@kaynecapital.com

FAQ

What were Kayne Anderson NextGen Energy's net assets as of October 31, 2020?

Kayne Anderson NextGen Energy reported net assets of $278 million as of October 31, 2020.

What is the net asset value per share for KMF as of October 31, 2020?

The net asset value per share for Kayne Anderson NextGen Energy (KMF) was $5.89 as of October 31, 2020.

What are the asset coverage ratios for KMF?

As of October 31, 2020, KMF had an asset coverage ratio of 457% for senior securities and 346% for total leverage.

How much were the long-term investments of KMF as of October 31, 2020?

The long-term investments of Kayne Anderson NextGen Energy amounted to $388 million as of October 31, 2020.

What percentage of KMF's investments are in Midstream and Renewable Infrastructure?

As of October 31, 2020, KMF's long-term investments comprised 49% in Midstream and 30% in Renewable Infrastructure.