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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 January 31, 2019

HOUSTON, Feb. 01, 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 January 31, 2019.

As of January 31, 2019, the Company’s net assets were $2.1 billion, and its net asset value per share was $16.88. As of January 31, 2019, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 408% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 292%.

Kayne Anderson MLP/Midstream Investment Company
Statement of Assets and Liabilities
January 31, 2019
    (in millions)   Per Share
Investments   $   3,489.1     $   27.62  
Cash and cash equivalents       1.1       0.01  
Deposits       0.3       0.00  
Accrued income       29.8       0.23  
Receivable for securities sold       41.2       0.33  
Other assets       0.3       0.00  
Total assets       3,561.8         28.19  
Credit facility       18.0         0.14  
Term loan       60.0         0.47  
Unamortized term loan issuance costs     (0.3 )     (0.00 )
Notes       716.0         5.67  
Unamortized notes issuance costs     (2.0 )       (0.02 )
Preferred stock       317.0         2.51  
Unamortized preferred stock issuance costs     (1.4 )       (0.01 )
Total leverage       1,107.3         8.76  
Payable for securities purchased     18.4       0.14  
Other liabilities       14.0         0.11  
Current tax liability       0.8         0.01  
Net deferred tax liability       288.8         2.29  
Total liabilities       322.0         2.55  
Net assets   $   2,132.5     $   16.88  
The Company had 126,337,114 common shares outstanding as of January 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 January 31, 2019 were:

  Units / Shares
(in thousands)
(in millions)
  Percent of
1. Enterprise Products Partners L.P. (Midstream MLP) 16,922   $468.2   13.4%
2. Energy Transfer LP (Midstream MLP) 25,132   369.7   10.6%
3. ONEOK, Inc. (Midstream Company) 4,763   305.9   8.8%
4. The Williams Companies, Inc. (Midstream Company) 11,120   299.5   8.6%
5. MPLX LP (Midstream MLP)* 7,351   266.4   7.6%
6. Western Gas Partners, LP (Midstream MLP)** 4,260   206.0   5.9%
7. Plains All American Pipeline, L.P. (Midstream MLP) 8,261   188.1   5.4%
8. Targa Resources Corp. (Midstream Company) 3,844   165.3   4.7%
9. Buckeye Partners, L.P. (Midstream MLP) 5,095   155.7   4.5%
10. Magellan Midstream Partners, L.P. (Midstream MLP) 2,282   140.3   4.0%

* Includes 5,096 common units ($179.0 million) and 2,255 preferred units ($87.4 million).

** On November 8, 2018, Western Gas Partners, LP (“WES”) and Western Gas Equity Partners, LP (“WGP”) announced that they entered into an agreement for WGP to acquire all of the publicly held common units of WES in a unit-for-unit exchange. As of January 31, 2019, the Company did not own any WGP units. 

Kayne Anderson MLP/Midstream Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, 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”).

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. 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.


KA Fund Advisors, LLC