Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and As...
August 01 2018 - 10:36PM
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE:
KYE) 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 July 31, 2018.
As of July 31, 2018, the Fund’s net assets were $395 million,
and its net asset value per share was $10.73. As of July 31,
2018, the Fund’s asset coverage ratio under the 1940 Act with
respect to senior securities representing indebtedness was 448% and
the Fund’s asset coverage ratio under the 1940 Act with respect to
total leverage (debt and preferred stock) was 340%.
|
Kayne Anderson Energy Total Return Fund,
Inc. |
Statement of Assets and
Liabilities |
July 31, 2018 |
(Unaudited) |
|
|
(in millions) |
|
Per Share |
Investments |
|
$ |
556.3 |
|
|
$ |
15.10 |
|
Cash and cash
equivalents |
|
|
1.4 |
|
|
|
0.04 |
|
Deposits |
|
|
0.2 |
|
|
|
0.01 |
|
Accrued income |
|
|
4.6 |
|
|
|
0.12 |
|
Other assets |
|
|
0.3 |
|
|
|
0.01 |
|
Total
assets |
|
|
562.8 |
|
|
|
15.28 |
|
|
|
|
|
|
Credit facility |
|
|
10.0 |
|
|
|
0.27 |
|
Notes |
|
|
115.0 |
|
|
|
3.12 |
|
Unamortized
notes issuance costs |
|
(0.4 |
) |
|
|
(0.01 |
) |
Preferred stock |
|
|
40.0 |
|
|
|
1.09 |
|
Unamortized
preferred stock issuance costs |
|
(0.5 |
) |
|
|
(0.02 |
) |
Total
leverage |
|
|
164.1 |
|
|
|
4.45 |
|
|
|
|
|
|
Payable for
securities purchased |
|
0.3 |
|
|
|
0.01 |
|
Other liabilities |
|
|
3.1 |
|
|
|
0.09 |
|
Total
liabilities |
|
|
3.4 |
|
|
|
0.10 |
|
|
|
|
|
|
Net assets |
|
$ |
395.3 |
|
|
$ |
10.73 |
|
|
|
|
|
|
The Fund
had 36,841,723 common shares outstanding as of July 31, 2018. |
|
As of July 31, 2018, equity and debt investments were 95% and
5%, respectively, of the Fund’s long-term investments of $556
million. Long-term investments were comprised of Midstream
Company (69%), MLP (24%), Other Energy (2%) and Debt (5%).
The Fund’s ten largest holdings by issuer at July 31, 2018
were:
|
Units / Shares(in thousands) |
Amount(in millions) |
|
Percent ofLong-TermInvestments |
1. ONEOK, Inc. (Midstream Company) |
754 |
$53.1 |
|
9.5% |
2. The Williams Companies, Inc. (Midstream Company)* |
1,401 |
41.7 |
|
7.5% |
3. Targa Resources Corp. (Midstream Company) |
813 |
41.5 |
|
7.5% |
4. Plains GP Holdings, L.P. (Midstream Company) |
1,503 |
36.5 |
|
6.6% |
5. Energy Transfer Partners, L.P. (MLP)** |
1,338 |
28.1 |
|
5.0% |
6. Capital Product Partners L.P. (Midstream Company) |
3,333 |
26.7 |
|
4.8% |
7. Enbridge Energy Management, L.L.C. (Midstream Company) |
2,363 |
25.4 |
|
4.6% |
8. KNOT Offshore Partners LP (Midstream Company) |
1,128 |
24.8 |
|
4.5% |
9. Kinder Morgan, Inc. (Midstream Company) |
1,204 |
21.4 |
|
3.8% |
10. Pembina Pipeline Corporation (Midstream Company) |
549 |
19.7 |
|
3.5% |
_____________ |
|
* On May 17, 2018, The Williams Companies, Inc. (“WMB”) and
Williams Partners L.P. (“WPZ”) announced an agreement under which
WMB will acquire all WPZ common units in a stock-for-unit merger.
As of July 31, 2018, the Fund did not own any WPZ units. **
On August 1, 2018, Energy Transfer Equity, L.P. (“ETE”) and Energy
Transfer Partners, L.P. (“ETP”) announced an agreement providing
for the merger of ETP with ETE in a unit-for-unit exchange. As of
July 31, 2018, the Fund did not own any ETE units. |
|
Kayne Anderson Energy Total Return Fund, Inc. 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 Fund’s investment objective is to
obtain a high total return with an emphasis on current income. The
Fund intends to achieve this investment objective by investing in a
portfolio of companies in the energy sector, principally including
publicly-traded energy-related master limited partnerships and
limited liability companies taxed as partnerships and their
affiliates, and other companies that derive at least 50% of their
revenues from operating assets used in, or providing energy-related
services for, the exploration, development, production, gathering,
transportation, processing, storing, refining, distribution, mining
or marketing of natural gas, natural gas liquids (including
propane), crude oil, refined petroleum products or coal.
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 Fund’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 Fund’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 Fund undertakes no obligation to
publicly update or revise any forward-looking statements made
herein. There is no assurance that the Fund’s investment objective
will be attained.
Contact:
KA Fund Advisors, LLC877-657-3863http://www.kaynefunds.com/
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