Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at September 30, 2017
HOUSTON–(BUSINESS WIRE)–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 September 30, 2017.
As of September 30, 2017, the Fund’s net assets were $426 million, and
its net asset value per share was $11.62. As of September 30, 2017, the
Fund’s asset coverage ratio under the 1940 Act with respect to senior
securities representing indebtedness was 426% and the Fund’s asset
coverage ratio under the 1940 Act with respect to total leverage (debt
and preferred stock) was 317%.
| Kayne Anderson Energy Total Return Fund | ||||
| Statement of Assets and Liabilities | ||||
| September 30, 2017 | ||||
| (Unaudited) | ||||
| (in millions) | Per Share | |||
| Investments | $ | 596.5 | $ | 16.27 |
| Cash and cash equivalents | 24.3 | 0.66 | ||
| Deposits | 0.3 | 0.01 | ||
| Accrued income | 2.3 | 0.06 | ||
| Receivable for securities sold | 1.5 | 0.04 | ||
| Other assets | 0.6 | 0.02 | ||
| Total assets | 625.5 | 17.06 | ||
| Term loan | 31.0 | 0.85 | ||
| Notes | 115.0 | 3.14 | ||
| Unamortized notes issuance costs | (0.5 | ) | (0.01 | ) |
| Preferred stock | 50.0 | 1.36 | ||
| Unamortized preferred stock issuance costs | (0.3 | ) | (0.01 | ) |
| Total leverage | 195.2 | 5.33 | ||
| Payable for securities purchased | 2.2 | 0.06 | ||
| Other liabilities | 1.9 | 0.05 | ||
| Total liabilities | 4.1 | 0.11 | ||
| Net assets | $ | 426.2 | $ | 11.62 |
|
The Fund had 36,668,630 common shares outstanding as of September 30, 2017. |
As of September 30, 2017, equity and debt investments were 90% and 10%,
respectively, of the Fund’s long-term investments of $597 million.
Long-term investments were comprised of MLP and MLP Affiliate (37%),
Midstream Company (29%), Marine (21%), Other Energy (3%) and Debt (10%).
The Fund’s ten largest holdings by issuer at September 30, 2017 were:
|
Units / Shares
(in thousands) |
Amount ($ millions) |
Percent of Long-Term
Investments |
|||
| 1. | Enbridge Energy Management, L.L.C. (MLP Affiliate) | 3,152 | $48.7 | 8.2 | % |
| 2. | ONEOK, Inc. (Midstream Company) | 772 | 40.0 | 6.7 | % |
| 3. | Plains GP Holdings, L.P. (MLP) | 1,503 | 32.9 | 5.5 | % |
| 4. | Golar LNG Partners LP (Marine) | 1,353 | 31.4 | 5.3 | % |
| 5. | Targa Resources Corp. (Midstream Company) | 605 | 28.6 | 4.8 | % |
| 6. | The Williams Companies, Inc. (Midstream Company) | 908 | 27.2 | 4.6 | % |
| 7. | KNOT Offshore Partners LP (Marine) | 1,158 | 27.2 | 4.6 | % |
| 8. | Capital Product Partners L.P. (Marine) | 3,333 | 25.5 | 4.3 | % |
| 9. | Energy Transfer Partners, L.P. (MLP) | 1,347 | 24.6 | 4.1 | % |
| 10. | Enbridge, Inc. (Midstream Company) | 513 | 21.5 | 3.6 | % |
The Fund 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 by
investing primarily in securities of companies engaged in the energy
industry, 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.
Contacts
KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com/
