HOUSTON, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (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 September 30, 2020.
As of September 30, 2020, the Company’s net assets were $675 million, and its net asset value per share was $5.33. As of September 30, 2020, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 602% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 283%.
| Kayne Anderson Energy Infrastructure Fund, Inc. | ||||
| Statement of Assets and Liabilities | ||||
| September 30, 2020 | ||||
| (Unaudited) | ||||
| (in millions) | ||||
| Investments | $ | 971.6 | ||
| Cash and cash equivalents | 35.2 | |||
| Receivable for securities sold | 3.2 | |||
| Deposits | - | |||
| Accrued income | 0.7 | |||
| Current tax asset, net | 36.3 | |||
| Other assets | 0.8 | |||
| Total assets | 1,047.8 | |||
| Notes | 173.3 | |||
| Unamortized notes issuance costs | (0.4 | ) | ||
| Preferred stock | 195.7 | |||
| Unamortized preferred stock issuance costs | (1.9 | ) | ||
| Total leverage | 366.7 | |||
| Payable for securities purchased | 2.1 | |||
| Other liabilities | 4.5 | |||
| Deferred tax liability | - | |||
| Total liabilities | 6.6 | |||
| Net assets | $ | 674.5 | ||
The Company had 126,447,554 common shares outstanding as of September 30, 2020.
Long-term investments were comprised of Midstream Energy Company (87%) and Renewable Infrastructure/Utility Company (13%).
The Company’s ten largest holdings by issuer at September 30, 2020 were:
| Amount (in millions) | Percent of Long-Term Investments1 | ||||||
| 1. | MPLX LP (Midstream Energy Company) | $122.9 | 12.6 | % | |||
| 2. | Enterprise Products Partners L.P. (Midstream Energy Company) | 111.7 | 11.5 | % | |||
| 3. | The Williams Companies, Inc. (Midstream Energy Company) | 95.2 | 9.8 | % | |||
| 4. | Energy Transfer LP (Midstream Energy Company) | 75.4 | 7.8 | % | |||
| 5. | Magellan Midstream Partners, L.P. (Midstream Energy Company) | 48.3 | 5.0 | % | |||
| 6. | Targa Resources Corp. (Midstream Energy Company) | 47.5 | 4.9 | % | |||
| 7. | Western Midstream Partners, LP (Midstream Energy Company) | 39.1 | 4.0 | % | |||
| 8. | Plains All American Pipeline, L.P. (Midstream Energy Company) | 35.8 | 3.7 | % | |||
| 9. | Shell Midstream Partners, L.P. (Midstream Energy Company) | 33.9 | 3.5 | % | |||
| 10. | Phillips 66 Partners LP (Midstream Energy Company) | 27.7 | 2.8 | % | |||
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1 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 Energy Infrastructure Fund, Inc. (NYSE: KYN) 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. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or take into account the specific objectives or circumstances of any investor. Please consult with your investment, tax, or legal adviser regarding your individual circumstances prior to investing.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or from our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson 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, LLC
Investor Relations
877-657-3863
cef@kaynecapital.com
www.kaynefunds.com