Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2020

Rhea-AI Summary

Kayne Anderson MLP/Midstream Investment Company (NYSE: KYN) reported its net asset value as of May 31, 2020, revealing net assets of $891 million and a net asset value per share of $7.04. The asset coverage ratio for senior securities was 700%, and for total leverage, it was 336%. As of this date, total assets were $1.34 billion, with 99% of long-term investments being equity. The company’s largest holdings include MPLX LP (12.6%) and Enterprise Products Partners L.P. (12.5%).

Positive

• Net assets of $891 million as of May 31, 2020.
• Net asset value per share increased to $7.04.
• Strong asset coverage ratio of 700% for senior securities.
• Asset coverage ratio of 336% for total leverage indicates financial stability.
• 99% of long-term investments in equity, signaling a strong investment profile.

Negative

• Total liabilities at $75.9 million may pose a risk.

HOUSTON, June 02, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson MLP/Midstream Investment Company (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 May 31, 2020.

As of May 31, 2020, the Company’s net assets were $891 million, and its net asset value per share was $7.04. As of May 31, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 700% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 336%.

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Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
May 31, 2020
(Unaudited)
		(in millions)
82%; width:82%; min-width:82%;">Investments	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">$	15%; width:15%; min-width:15%;">1,252.3	1%; width:1%; min-width:1%;">
Cash and cash equivalents			58.7
Receivable for securities sold			-
Deposits			0.2
Accrued income			0.5
Tax asset, net			28.0
Other assets			1.2
Total assets			1,340.9
Notes			181.0
Unamortized notes issuance costs			(0.4	)
Preferred stock			195.7
Unamortized preferred stock issuance costs			(2.0	)
Total leverage			374.3
Payable for securities purchased			5.1
Other liabilities			12.9
Deferred tax liability			57.9
Total liabilities			75.9
Net assets		$	890.7
The Company had 126,447,554 common shares outstanding as of May 31, 2020.

As of May 31, 2020, equity and debt investments were 99% and 1%, respectively, of the Company’s long-term investments of $1.3 billion.  Long-term investments were comprised of Midstream MLP (73%), Midstream Company (24%), Renewable Infrastructure/Utility Company (2%) and Debt (1%).

The Company’s ten largest holdings by issuer at May 31, 2020 were:

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		Amount  (in millions)		Percent of Long-Term Investments*
4%; width:4%; min-width:4%;">1.	72%; width:72%; min-width:72%;">MPLX LP (Midstream MLP)	1%; width:1%; min-width:1%;">	1%; width:1%; min-width:1%;">	10%; width:10%; min-width:10%;">$158.1	1%; width:1%; min-width:1%;">	10%; width:10%; min-width:10%;">12.6	1%; width:1%; min-width:1%;">%
2.	Enterprise Products Partners L.P. (Midstream MLP)			156.5		12.5	%
3.	Energy Transfer LP (Midstream MLP)			123.5		9.9	%
4.	The Williams Companies, Inc. (Midstream Company)			118.5		9.5	%
5.	Magellan Midstream Partners, L.P. (Midstream MLP)			75.6		6.0	%
6.	Plains All American Pipeline, L.P. (Midstream MLP)			74.0		5.9	%
7.	Targa Resources Corp. (Midstream Company)			68.1		5.4	%
8.	Shell Midstream Partners, L.P. (Midstream MLP)			60.6		4.8	%
9.	Phillips 66 Partners LP (Midstream MLP)			57.0		4.6	%
10.	EQM Midstream Partners, LP (Midstream MLP)			51.9		4.1	%

 ____________

*  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 Company’s most recent quarterly or annual report.

Kayne Anderson MLP/Midstream Investment Company 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 obtain a high after-tax total return by investing at least 85% of its total assets in energy-related partnerships and their affiliates (“MLPs”), and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal (collectively with midstream MLPs, “Midstream Energy Companies”).

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. Past performance is not a guarantee of future results. Current performance may be lower or higher than that shown based on market fluctuations from the end of the reported period.

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 Company’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 Company’s filings with the SEC, available at www.sec.gov. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objective will be attained.

Contact:

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

FAQ

What is the net asset value of KYN as of May 31, 2020?

The net asset value of Kayne Anderson MLP/Midstream Investment Company (KYN) as of May 31, 2020, is $7.04 per share.

What were KYN's total assets as of May 31, 2020?

As of May 31, 2020, KYN reported total assets of $1.34 billion.

What is the asset coverage ratio for KYN?

KYN's asset coverage ratio was 700% for senior securities and 336% for total leverage as of May 31, 2020.

How much net assets does KYN have?

Kayne Anderson MLP/Midstream Investment Company (KYN) had net assets of $891 million as of May 31, 2020.

Who are the largest holdings of KYN?

KYN's largest holdings include MPLX LP (12.6%) and Enterprise Products Partners L.P. (12.5%) as of May 31, 2020.