Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratios at May 31, 2024
Rhea-AI Summary
Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) announced its unaudited balance sheet data as of May 31, 2024. The company reported net assets of $2.0 billion with a net asset value (NAV) per share of $11.61. Its asset coverage ratio was 614% for senior securities and 448% for total leverage. The fund's investments totaled $2,699.8 million, mainly in midstream energy companies. Long-term investments comprised 92% in Midstream Energy Companies, 5% in Other Energy, and 3% in Utility Companies. Major holdings included Energy Transfer LP and Enterprise Products Partners L.P. The company aims to offer high after-tax returns with cash distributions, investing at least 80% in Energy Infrastructure Companies.
Positive
- Net assets of $2.0 billion as of May 31, 2024.
- NAV per share at $11.61.
- Asset coverage ratio of 614% for senior securities.
- Total investment portfolio valued at $2,699.8 million.
- Predominant investment in stable midstream energy companies (92%).
- Strong focus on high after-tax total return and cash distributions.
Negative
- Deferred tax liability of $198.5 million.
- Total liabilities amounting to $215.3 million.
- Significant leverage with total debt and preferred stock at $561.3 million.
- diversification with 92% investments in a single sector (Midstream Energy).
News Market Reaction – KYN
In the trading session that priced this news, KYN gained 1.83%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, June 04, 2024 (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 May 31, 2024.
As of May 31, 2024, the Company’s net assets were
| STATEMENT OF ASSETS AND LIABILITIES MAY 31, 2024 // (UNAUDITED) | ||||
| (in millions) | ||||
| Investments | $ | 2,699.8 | ||
| Cash and cash equivalents | 34.5 | |||
| Accrued income | 2.2 | |||
| Current tax asset, net | 2.6 | |||
| Other assets | 1.3 | |||
| Total assets | 2,740.4 | |||
| Term loan | 25.0 | |||
| Notes | 386.7 | |||
| Unamortized notes issuance costs | (2.2 | ) | ||
| Preferred stock | 153.1 | |||
| Unamortized preferred stock issuance costs | (1.3 | ) | ||
| Total leverage | 561.3 | |||
| Other liabilities | 16.8 | |||
| Deferred tax liability, net | 198.5 | |||
| Total liabilities | 215.3 | |||
| Net assets | $ | 1,963.8 | ||
| The Company had 169,126,038 common shares outstanding as of May 31, 2024. | ||||
Long-term investments were comprised of Midstream Energy Companies (
| Amount (in millions)* | % Long Term Investments | |||||
| 1. | Energy Transfer LP (Midstream Energy Company) | |||||
| 2. | Enterprise Products Partners L.P. (Midstream Energy Company) | 255.2 | ||||
| 3. | MPLX LP (Midstream Energy Company) | 250.6 | ||||
| 4. | The Williams Companies, Inc. (Midstream Energy Company) | 249.4 | ||||
| 5. | Targa Resources Corp. (Midstream Energy Company) | 231.1 | ||||
| 6. | ONEOK, Inc. (Midstream Energy Company) | 202.6 | ||||
| 7. | Kinder Morgan, Inc. (Midstream Energy Company) | 147.1 | ||||
| 8. | Cheniere Energy, Inc. (Midstream Energy Company) | 139.4 | ||||
| 9. | Plains All American Pipeline, L.P. (Midstream Energy Company) | 137.2 | ||||
| 10. | Western Midstream Partners, LP (Midstream Energy Company) | 133.5 | ||||
| * | Includes ownership of common and preferred units. | |||||
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 provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least
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 consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.
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 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 investor relations at 877-657-3863 or cef@kayneanderson.com.
