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Kayne Anderson MLP/Midstream Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2019

HOUSTON, June 05, 2019 (GLOBE NEWSWIRE) -- Kayne Anderson MLP/Midstream Investment Company (the “Company”) (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, 2019.

As of May 31, 2019, the Company’s net assets were $2.1 billion, and its net asset value per share was $16.51. As of May 31, 2019, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 414% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 293%.

Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
May 31, 2019
(Unaudited)
    (in millions)   Per Share
Investments   $   3,478.8     $   27.54  
Cash and cash equivalents       2.6       0.02  
Deposits       0.2       0.00  
Accrued income       0.7       0.01  
Income tax receivable       9.3         0.07  
Other assets       1.0       0.01  
Total assets       3,492.6         27.65  
         
Credit facility       80.0         0.63  
Term loan       60.0         0.47  
Unamortized term loan issuance costs     (0.3 )     (0.00 )
Notes       626.0         4.95  
Unamortized notes issuance costs     (1.8 )       (0.01 )
Preferred stock       317.0         2.51  
Unamortized preferred stock issuance costs     (1.2 )       (0.01 )
Total leverage       1,079.7         8.54  
         
Other liabilities       25.4         0.21  
Net deferred tax liability       301.7         2.39  
Total liabilities       327.1         2.60  
         
Net assets   $   2,085.8     $   16.51  
         
The Company had 126,337,114 common shares outstanding as of May 31, 2019.
         

Long-term investments were comprised of Midstream MLP (70%), Midstream Company (29%), and Shipping MLP (1%).

The Company’s ten largest holdings by issuer at May 31, 2019 were:

  Units / Shares
(in thousands)
  Amount
(in millions)
  Percent of
Long-Term
Investments
1. Enterprise Products Partners L.P. (Midstream MLP) 16,922   $472.0   13.6%
2. Energy Transfer LP (Midstream MLP) 25,132   345.3   9.9%
3. The Williams Companies, Inc. (Midstream Company) 11,120   293.4   8.4%
4. ONEOK, Inc. (Midstream Company) 4,120   262.1   7.5%
5. MPLX LP (Midstream MLP)* 7,048   228.2   6.6%
6. Western Midstream Partners, LP (Midstream MLP) 6,496   189.6   5.5%
7. Buckeye Partners, L.P. (Midstream MLP) 4,614   188.0   5.4%
8. Plains All American Pipeline, L.P. (Midstream MLP) 8,261   186.8   5.4%
9. Magellan Midstream Partners, L.P. (Midstream MLP) 2,809   172.7   5.0%
10. Targa Resources Corp. (Midstream Company) 3,844   147.8   4.2%
_____________          
* Includes 4,793 common units ($146.6 million) and 2,255 preferred units ($81.6 million). On May 8, 2019, MPLX LP (“MPLX”) and Andeavor Logistics LP (“ANDX”) announced that they entered into an agreement for MPLX to aquire ANDX in a unit-for-unit transaction. As of May 31, 2019, the Company owned 919 ANDX common units ($32.1 million). 


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
877-657-3863
http://www.kaynefunds.com/