Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at August 31, 2022

Rhea-AI Summary

Kayne Anderson Energy Infrastructure Fund reported its financial position as of August 31, 2022, revealing net assets of $1.4 billion and a net asset value per share of $10.63. The company reported an asset coverage ratio of 516% for senior securities and 398% for total leverage. With 136,131,530 shares outstanding, its long-term investments consist mainly of Midstream Energy Companies (82%). The top holdings include MPLX LP and Enterprise Products Partners, accounting for significant portions of their investment portfolio.

Positive

• Net assets increased to $1.4 billion.
• Net asset value per share is $10.63.
• Strong asset coverage ratio of 516% for senior securities.
• Asset coverage ratio of 398% for total leverage.

Negative

• None.

HOUSTON, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) 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, 2022.

As of August 31, 2022, the Company’s net assets were $1.4 billion, and its net asset value per share was $10.63. As of August 31, 2022, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 516% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 398%.

Kayne Anderson Energy Infrastructure Fund, Inc.
Statement of Assets and Liabilities
August 31, 2022
(Unaudited)
		(in millions)
Investments		$	2,062.1
Cash and cash equivalents			1.9
Receivable for securities sold			0.6
Accrued income			2.7
Other assets			1.3
Total assets			2,068.6
Credit facility			36.0
Term loan			50.0
Unamortized term loan issuance costs			(0.1	)
Notes			288.1
Unamortized notes issuance costs			(1.5	)
Preferred stock			111.6
Unamortized preferred stock issuance costs			(1.4	)
Total leverage			482.7
Other liabilities			11.6
Current tax payable, net			1.1
Deferred tax liability, net			126.7
Total liabilities			139.4
Net assets		$	1,446.5

 

The Company had 136,131,530 common shares outstanding as of August 31, 2022.

Long-term investments were comprised of Midstream Energy Company (82%), Utility Company (9%), Renewable Infrastructure Company (7%) and Other Energy (2%).

The Company’s ten largest holdings by issuer at August 31, 2022 were:

			Amount (in millions)*		Percent of Long-Term Investments
1.	MPLX LP (Midstream Energy Company)		$214.0		10.4%
2.	Enterprise Products Partners L.P. (Midstream Energy Company)		209.7		10.2%
3.	Energy Transfer LP (Midstream Energy Company)		197.2		9.6%
4.	Targa Resources Corp. (Midstream Energy Company)		152.3		7.4%
5.	The Williams Companies, Inc. (Midstream Energy Company)		141.8		6.9%
6.	Plains All American Pipeline, L.P. ** (Midstream Energy Company)		131.9		6.4%
7.	Cheniere Energy, Inc. (Midstream Energy Company)		125.6		6.1%
8.	Western Midstream Partners, LP (Midstream Energy Company)		108.1		5.2%
9.	ONEOK, Inc. (Midstream Energy Company)		64.3		3.1%
10.	Magellan Midstream Partners, L.P. (Midstream Energy Company)		56.1		2.7%

_________________

*	Includes ownership of equity and debt investments.
**	Includes ownership of Plains All American Pipeline, L.P. (“PAA”) and Plains AAP, L.P. (“PAGP-AAP”).

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 Company’s most recent quarterly or annual report.

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) 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 company's investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly 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 Company’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 Company’s investment objectives will be attained.

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

 

FAQ

What is the net asset value per share of KYN as of August 31, 2022?

The net asset value per share of KYN as of August 31, 2022, is $10.63.

How much are the net assets of Kayne Anderson Energy Infrastructure Fund?

Kayne Anderson Energy Infrastructure Fund reported net assets of $1.4 billion.

What are the asset coverage ratios reported for KYN?

The asset coverage ratio for senior securities is 516% and for total leverage is 398%.

What percentage of KYN's investments are in Midstream Energy Companies?

82% of Kayne Anderson Energy Infrastructure Fund's long-term investments are in Midstream Energy Companies.