Kayne Anderson Energy Development Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and ...
03 März 2018 - 1:12AM
Kayne Anderson Energy Development Company (the “Company”)
(NYSE:KED) 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 February 28, 2018.
As of February 28, 2018, the Company’s net assets were $182
million, and its net asset value per share was $16.91. As of
February 28, 2018, the Company’s asset coverage ratio under the
1940 Act with respect to senior securities representing
indebtedness was 434% and the Company’s asset coverage ratio under
the 1940 Act with respect to total leverage (debt and preferred
stock) was 310%.
Kayne Anderson Energy Development
Company |
Statement of Assets and
Liabilities |
February 28, 2018 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
279.5 |
|
|
$ |
25.93 |
|
Cash and cash
equivalents |
|
|
1.9 |
|
|
|
0.18 |
|
Accrued income |
|
|
0.1 |
|
|
|
0.01 |
|
Receivable for
securities sold |
|
|
3.8 |
|
|
|
0.35 |
|
Other assets |
|
|
0.5 |
|
|
|
0.04 |
|
Total
assets |
|
|
285.8 |
|
|
|
26.51 |
|
|
|
|
|
|
Term loan
and revolving credit facility |
|
62.0 |
|
|
|
5.75 |
|
Unamortized
term loan issuance costs |
|
(0.3 |
) |
|
|
(0.03 |
) |
Preferred stock |
|
|
25.0 |
|
|
|
2.32 |
|
Unamortized
preferred stock issuance costs |
|
(0.1 |
) |
|
|
(0.01 |
) |
Total
leverage |
|
|
86.6 |
|
|
|
8.03 |
|
|
|
|
|
|
Other liabilities |
|
|
1.8 |
|
|
|
0.17 |
|
Deferred income tax
liability |
|
|
15.1 |
|
|
|
1.40 |
|
Total
liabilities |
|
|
16.9 |
|
|
|
1.57 |
|
|
|
|
|
|
Net assets |
|
$ |
182.3 |
|
|
$ |
16.91 |
|
|
|
|
|
|
The Company
had 10,777,174 common shares outstanding as of February 28,
2018. |
|
|
|
|
|
Long-term investments were comprised of Midstream MLP (82%),
Midstream Company (16%) and Shipping MLP (2%).
The Company’s ten largest holdings by issuer at February 28,
2018 were:
|
|
Units / Shares(in thousands) |
|
Amount(in millions) |
|
Percent of Long-Term Investments |
1. |
Energy
Transfer Partners, L.P. (Midstream MLP) |
1,898 |
|
$34.6 |
|
12.4 |
% |
2. |
Western
Gas Partners, LP (Midstream MLP) |
505 |
|
23.5 |
|
8.4 |
% |
3. |
Enterprise Products Partners L.P. (Midstream MLP) |
919 |
|
23.4 |
|
8.4 |
% |
4. |
ONEOK,
Inc. (Midstream Company) |
410 |
|
23.1 |
|
8.3 |
% |
5. |
Williams
Partners L.P. (Midstream MLP) |
581 |
|
21.1 |
|
7.5 |
% |
6. |
Targa
Resources Corp. (Midstream Company) |
417 |
|
18.6 |
|
6.7 |
% |
7. |
MPLX LP
(Midstream MLP) |
438 |
|
15.1 |
|
5.4 |
% |
8. |
Buckeye
Partners, L.P. (Midstream MLP) |
271 |
|
12.1 |
|
4.3 |
% |
9. |
Tallgrass
Energy Partners, LP (Midstream MLP) |
266 |
|
10.2 |
|
3.6 |
% |
10. |
Plains GP
Holdings, L.P. (Midstream MLP) |
415 |
|
8.7 |
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company is a non-diversified, closed-end investment company
registered under the Investment Company Act of 1940. The Company's
investment objective is to generate both current income and capital
appreciation primarily through equity and debt investments. The
Company will seek to achieve this objective by investing at least
80% of its net assets together with the proceeds of any borrowings
(its "total assets") in securities of companies that derive the
majority of their revenue from activities in the energy industry,
including: (a) Midstream Energy Companies, which are businesses
that operate assets used to gather, transport, process, treat,
terminal and store natural gas, natural gas liquids, propane, crude
oil or refined petroleum products; (b) Upstream Energy Companies,
which are businesses engaged in the exploration, extraction and
production of natural resources, including natural gas, natural gas
liquids and crude oil, from onshore and offshore geological
reservoirs; and (c) Other Energy Companies, which are businesses
engaged in owning, leasing, managing, producing, processing and
sale of coal and coal reserves; the marine transportation of crude
oil, refined petroleum products, liquefied natural gas, as well as
other energy-related natural resources using tank vessels and bulk
carriers; and refining, marketing and distributing refined energy
products, such as motor gasoline and propane to retail customers
and industrial end-users.
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 materially differ from the Company's historical
experience and its present expectations or projections indicated in
any forward-looking statement. These risks include, but are not
limited to, changes in economic and political conditions;
regulatory and legal changes; energy industry risk; commodity
pricing risk; leverage risk; valuation risk; non-diversification
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
objectives will be attained.
Contact: KA Fund Advisors,
LLC877-657-3863http://www.kaynefunds.com/
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