Welcome to our dedicated page for Kayne Anderson Energy Infrastructure Fund news (Ticker: KYN), a resource for investors and traders seeking the latest updates and insights on Kayne Anderson Energy Infrastructure Fund stock.
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company committed to delivering a high after-tax total return, with a particular focus on cash distributions to its stockholders. Registered under the Investment Company Act of 1940, KYN strategically invests at least 80% of its total assets in securities of Energy Infrastructure companies. The fund primarily targets entities involved in the midstream energy sector, which includes pipelines, storage, and other energy infrastructure assets.
Recently, KYN has been navigating significant corporate activities, including a merger with Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF). This merger, approved by stockholders and set to be finalized on November 13, 2023, aims to enhance the combined entity's ability to capitalize on long-term growth opportunities in the energy infrastructure sector. KMF stockholders had the option to receive either newly issued common stock of KYN or cash, subject to proration procedures to ensure a balanced allocation.
KYN is managed by KA Fund Advisors, LLC, a subsidiary of Kayne Anderson Capital Advisors, L.P., which brings extensive expertise in the energy sector. The fund is designed to offer investors exposure to the robust and stable cash flows generated by energy infrastructure assets, which are often less sensitive to commodity price fluctuations compared to other energy investments.
Financially, KYN emerged post-merger with total assets approximating $2.3 billion and a net asset value (NAV) of about $1.7 billion. The effective NAV per share was $9.95 with approximately 169.1 million shares outstanding. This strong financial footing is a testament to KYN's strategic investment approach and commitment to shareholder value.
KYN’s investment strategy and recent achievements highlight its continued dedication to providing robust returns and consistent cash distributions. Investors seeking a reliable income stream backed by essential energy infrastructure assets find KYN a compelling option in their portfolios.
On June 23, 2022, Kayne Anderson announced the appointment of Carita Walker as an independent director for both Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) and Kayne Anderson NextGen Energy & Infrastructure (NYSE: KMF). With this addition, each board will consist of eight directors, seven of whom are independent. Walker, the Chief Legal Officer at Shell Recharge Solutions, brings extensive experience in the energy sector, ESG initiatives, and DE&I efforts. This strategic move aims to enhance governance and leverage her industry knowledge for the companies' growth.
Streamline Innovations has successfully raised growth capital through an equity round led by Kayne Anderson Energy Infrastructure Fund (KYN) and Kayne Anderson NextGen Energy & Infrastructure (KMF). Proceeds will expand the lease fleet of its Valkyrie™ hydrogen sulfide treatment plants, enhancing offerings in Renewable Natural Gas and Carbon Capture markets. Additionally, Streamline secured an upsized Term Loan recognized as green financing by Sustainable Fitch, affirming its commitment to environmentally friendly solutions. This funding aims to meet growing demand and reduce delivery times for its technology.
Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) announced its net asset value (NAV) and asset coverage ratios as of May 31, 2022. The Company reported net assets totaling $1.5 billion and a NAV per share of $11.01. Its asset coverage ratio for senior securities was 507%, while the total leverage ratio stood at 410%. The Company had 136,131,530 common shares outstanding and its long-term investments were primarily in Midstream Energy Companies (83%).
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) announced the completion of a $45 million private placement of 4.57% Series RR senior unsecured notes, aimed at refinancing existing leverage and supporting general corporate purposes. The company also disclosed plans to issue $45 million of 4.67% Series SS Notes and $20 million of 5.07% Series T MRP Shares on August 2, 2022. KYN invests primarily in Energy Infrastructure Companies, focusing on delivering high after-tax total returns with cash distributions to shareholders.
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) has announced a conditional agreement to raise $90 million through senior unsecured notes and $20 million via Mandatory Redeemable Preferred Shares. The transaction is expected to close on or around May 18, 2022, with two fundings scheduled. Proceeds will refinance existing leverage and support general corporate purposes. The Series RR Notes will bear an interest rate of 4.57% and mature on May 18, 2032, while the Series SS Notes will have a 4.67% rate maturing on August 2, 2034. The MRP Shares will yield 5.07% and mature on August 2, 2032.
As of April 30, 2022, Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) reported net assets of $1.4 billion and a net asset value per share of $10.36. The investment company's asset coverage ratio for senior securities was 475%, and 379% for total leverage. The fund's investments are diversified, with 83% in Midstream Energy Companies, 9% in Utility Companies, and 6% in Renewable Infrastructure Companies. The company's ten largest holdings included MPLX LP and Enterprise Products Partners.
On April 27, 2022, Kayne Anderson announced the appointment of Caroline Winn as an independent director on the boards of Kayne Anderson Energy Infrastructure Fund, Inc. (KYN) and Kayne Anderson NextGen Energy & Infrastructure, Inc. (KMF). With Ms. Winn's appointment, the boards of both companies will expand to seven directors, enhancing their independent oversight. Ms. Winn brings over 30 years of experience in the utility sector, notably as CEO of San Diego Gas & Electric. Her expertise aims to strengthen the governance and strategic direction of the Companies.
On April 4, 2022, Kayne Anderson announced key promotions within its leadership team. Terry Hart, previously Chief Financial Officer, is now the Chief Operating Officer, having been with the firm since 2005. Colby Parker, who joined in 2014, has been promoted to Chief Financial Officer. Jim Baker, CEO, expressed confidence in both individuals, highlighting their integral roles in the firm's management. The Companies, Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) and Kayne Anderson NextGen Energy & Infrastructure (NYSE: KMF), focus on providing high after-tax returns through investments in energy infrastructure.
As of March 31, 2022, Kayne Anderson Energy Infrastructure Fund (KYN) reported net assets of $1.5 billion and a net asset value per share of $10.83. The Company's asset coverage ratio was 501% for senior securities and 398% for total leverage. KYN’s long-term investments include Midstream Energy Companies (82%), Utility Companies (9%), Renewable Infrastructure (7%), and Other Energy (2%). The Company holds 136,131,530 common shares outstanding, with its top ten holdings mainly in midstream energy firms.
Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) announced a quarterly distribution of $0.20 per share for the quarter ending February 28, 2022, marking a 14% increase from the previous distribution. Payment is scheduled for April 19, 2022. With the closing price as of March 29, 2022, KYN offers an annualized distribution rate of 8.8%. The company trades at a 15.9% discount to its NAV, highlighting the disparity between market price and intrinsic value. KYN's management emphasizes sustainable distributions based on net distributable income and portfolio performance.
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