Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at June 30, 2020

Rhea-AI Summary

Kayne Anderson MLP/Midstream Investment Company (NYSE: KYN) reported its financials as of June 30, 2020. The company's net assets stood at $819 million, with a net asset value per share of $6.47. The asset coverage ratio for senior securities represented 660%, while total leverage coverage was 317%. Of its long-term investments totaling $1.2 billion, 99% were in equity. The top ten holdings included MPLX LP and Enterprise Products Partners L.P. totaling $299.6 million combined, making up 25.3% of long-term investments.

Positive

• Net assets of $819 million reported as of June 30, 2020.
• Net asset value per share is $6.47.
• Asset coverage ratio for senior securities at 660% indicates strong financial health.
• Total leverage ratio of 317% suggests good management of debt vs. assets.
• Long-term investments total $1.2 billion, predominantly in equity (99%).
• Top ten holdings account for 25.3% of long-term investments, indicating a diversified portfolio.

Negative

• None.

HOUSTON, July 01, 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 June 30, 2020.

As of June 30, 2020, the Company’s net assets were $819 million, and its net asset value per share was $6.47. As of June 30, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 660% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 317%.

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Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
June 30, 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%;">1,183.3	1%; width:1%; min-width:1%;">
Cash and cash equivalents			22.1
Receivable for securities sold			6.2
Deposits			0.3
Accrued income			0.5
Tax asset, net			23.0
Other assets			1.1
Total assets			1,236.5
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			-
Other liabilities			3.3
Deferred tax liability			40.4
Total liabilities			43.7
Net assets		$	818.5
The Company had 126,447,554 common shares outstanding as of June 30, 2020.

As of June 30, 2020, equity and debt investments were 99% and 1%, respectively, of the Company’s long-term investments of $1.2 billion.  Long-term investments were comprised of Midstream MLP (68%), Midstream Company (27%), Renewable Infrastructure/Utility Company (4%) and Debt (1%).

The Company’s ten largest holdings by issuer at June 30, 2020 were:

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		Amount  (in millions)		Percent of Long-Term Investments*
4%; width:4%; min-width:4%;">	67%; width:67%; min-width:67%;">	15%; width:15%; min-width:15%;">	1%; width:1%; min-width:1%;">	12%; width:12%; min-width:12%;">	1%; width:1%; min-width:1%;">
1.	MPLX LP (Midstream MLP)	$150.7		12.7	%
2.	Enterprise Products Partners L.P. (Midstream MLP)	148.9		12.6	%
3.	Energy Transfer LP (Midstream MLP)	107.7		9.1	%
4.	The Williams Companies, Inc. (Midstream Company)	101.3		8.6	%
5.	Targa Resources Corp. (Midstream Company)	76.4		6.5	%
6.	Magellan Midstream Partners, L.P. (Midstream MLP)	72.0		6.1	%
7.	Plains All American Pipeline, L.P. (Midstream MLP)	67.4		5.7	%
8.	Shell Midstream Partners, L.P. (Midstream MLP)	55.2		4.7	%
9.	Western Midstream Partners, LP (Midstream MLP)	49.1		4.1	%
10.	Phillips 66 Partners LP (Midstream MLP)	46.9		4.0	%

 ____________
*   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 Kayne Anderson MLP/Midstream Investment Company (KYN) as of June 30, 2020?

The net asset value per share of Kayne Anderson MLP/Midstream Investment Company (KYN) as of June 30, 2020, is $6.47.

What were the total net assets reported by KYN on June 30, 2020?

As of June 30, 2020, KYN reported total net assets of $819 million.

What is the asset coverage ratio for KYN's senior securities?

The asset coverage ratio for KYN's senior securities was 660% as of June 30, 2020.

How much did KYN invest in long-term investments?

KYN's long-term investments amounted to $1.2 billion as of June 30, 2020.

Who are the largest holdings of Kayne Anderson MLP/Midstream Investment Company?

The top holdings include MPLX LP and Enterprise Products Partners L.P., totaling $299.6 million combined.