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

Rhea-AI Summary

As of December 31, 2020, Kayne Anderson NextGen Energy & Infrastructure reported net assets of $346 million and a net asset value (NAV) per share of $7.32. The fund's asset coverage ratio for senior securities was 475%, while the total leverage coverage ratio was 372%. Long-term investments totaled $467 million, primarily in equity (98%). The top holdings included Targa Resources Corp. and The Williams Companies, both significant in the midstream sector.

Positive

• Net assets reached $346 million.
• Net asset value per share is $7.32.
• High asset coverage ratio of 475% for senior securities.
• Long-term investments of $467 million predominantly in equity (98%).
• Diverse portfolio with top holdings in leading midstream and renewable companies.

Negative

• None.

HOUSTON, Jan. 04, 2021 (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 December 31, 2020.

As of December 31, 2020, the Fund’s net assets were $346 million and its net asset value per share was $7.32. As of December 31, 2020, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 475% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 372%.

Kayne Anderson NextGen Energy & Infrastructure, Inc.
Statement of Assets and Liabilities
December 31, 2020
(Unaudited)
		(in millions)
Investments		$	467.3
Cash and cash equivalents			4.5
Receivable for securities sold			1.3
Accrued income			0.8
Other assets			0.4
Total assets			474.3
Credit facility			15.0
Notes			84.5
Unamortized notes issuance costs			(0.3	)
Preferred stock			27.5
Unamortized preferred stock issuance costs			(0.2	)
Total leverage			126.5
Other liabilities			2.1
Net assets		$	345.7

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

As of December 31, 2020, equity and debt investments were 98% and 2%, respectively, of the Fund’s long-term investments of $467 million. Long-term investments were comprised of Midstream Company (50%), Renewable Infrastructure Company (30%), Utility Company (16%), Other Energy (1%), Infrastructure Company (1%) and Debt (2%)

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

			Amount (in millions)			Percent of Long-Term Investments1
1.	Targa Resources Corp. (Midstream Company)		$27.1			5.8	%
2.	The Williams Companies, Inc. (Midstream Company)			27.0		5.8	%
3.	Enterprise Products Partners L.P. (Midstream Company)			22.6		4.8	%
4.	Brookfield Renewable Partners L.P. (Renewable Infrastructure Company)			22.2		4.7	%
5.	Atlantica Sustainable Infrastructure plc (Renewable Infrastructure Company)			19.7		4.2	%
6.	NextEra Energy Partners, LP (Renewable Infrastructure Company)			17.2		3.7	%
7.	Innergex Renewable Energy Inc. (Renewable Infrastructure Company)			16.1		3.5	%
8.	Kinder Morgan, Inc. (Midstream Company)			15.8		3.4	%
9.	TC Energy Corporation (Midstream Company)			12.7		2.7	%
10.	Northland Power Inc. (Renewable Infrastructure Company)			12.5		2.7	%

___________________________
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 is the net asset value of KMF as of December 31, 2020?

The net asset value (NAV) of KMF is $7.32 per share as of December 31, 2020.

What were the net assets of KMF at the end of 2020?

KMF reported net assets of $346 million as of December 31, 2020.

What is the asset coverage ratio for KMF?

As of December 31, 2020, KMF had an asset coverage ratio of 475% for senior securities.

How much are KMF's long-term investments?

KMF's long-term investments totaled $467 million as of December 31, 2020.

What percentage of KMF's investments are in equity?

98% of KMF's long-term investments are in equity.