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 June 30, 2014.
As of June 30, 2014, the Fund’s net assets were $1.3 billion, and its net asset value per share was $35.11. As of June 30, 2014, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 485% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 364%.
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Kayne Anderson Energy Total Return Fund, Inc. |
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| Statement of Assets and Liabilities | ||||||
| June 30, 2014 | ||||||
| (Unaudited) | ||||||
| (in millions) | Per Share | |||||
| Investments | $ | 1,764.1 | $ | 48.95 | ||
| Cash | 2.0 | 0.06 | ||||
| Deposits | 0.2 | 0.01 | ||||
| Accrued income | 4.3 | 0.11 | ||||
| Receivable for securities sold | 0.5 | 0.01 | ||||
| Other assets | 3.4 | 0.10 | ||||
| Total assets | 1,774.5 | 49.24 | ||||
| Credit facility / Term loan | 85.0 | 2.36 | ||||
| Senior notes | 275.0 | 7.63 | ||||
| Preferred stock | 120.0 | 3.33 | ||||
| Total leverage | 480.0 | 13.32 | ||||
| Payable for securities purchased | 20.0 | 0.56 | ||||
| Other liabilities | 9.2 | 0.25 | ||||
| Total liabilities | 29.2 | 0.81 | ||||
| Net assets | $ | 1,265.3 | $ | 35.11 | ||
| The Fund had 36,038,892 common shares outstanding as of June 30, 2014. | ||||||
As of June 30, 2014, equity and debt investments were 93% and 7%, respectively, of the Fund’s long-term investments of $1.8 billion. Long-term investments were comprised of MLP and MLP Affiliate (45%), Marine Transportation (17%), Midstream Company (12%), U.S. and Canadian Upstream Income Trusts (11%), Other Energy (8%) and Debt (7%).
The Fund’s ten largest holdings by issuer at June 30, 2014 were:
| Percent of | |||||||||
| Units/$Par | Amounts | Long-Term | |||||||
|
(in thousands) |
($ millions) |
Investments |
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| 1. | Enbridge Energy Management, L.L.C. (MLP Affiliate) | 5,432 | $191.5 | 10.9 | % | ||||
| 2. | Kinder Morgan Management, LLC (MLP Affiliate) | 2,303 | 181.8 | 10.3 | % | ||||
| 3. | Capital Product Partners L.P. (Marine Transportation)* | 7,199 | 82.2 | 4.7 | % | ||||
| 4. | Golar LNG Partners LP (Marine Transportation) | 2,024 | 74.6 | 4.2 | % | ||||
| 5. | The Williams Companies, Inc. (Midstream Company) | 875/$14,135 | 69.4 | 3.9 | % | ||||
| 6. | Plains All American Pipeline, L.P. (Midstream MLP) | 906 | 54.4 | 3.1 | % | ||||
| 7. | Teekay Offshore Partners L.P. (Marine Transportation)** | 1,462 | 49.8 | 2.8 | % | ||||
| 8. | Regency Energy Partners LP (Midstream MLP) | 1,462 | 47.1 | 2.7 | % | ||||
| 9. | Crescent Point Energy Corp. (Upstream Income Trust) | 1,037 | 46.0 | 2.6 | % | ||||
| 10. | Pengrowth Energy Corporation (Upstream Income Trust) | 5,031 | 36.1 | 2.0 | % | ||||
| _____________ | |||||||||
| * Includes 3,333 Class B units ($38.1 million) and 3,866 common units ($44.1 million). | |||||||||
| ** Includes 300 Series A preferred units ($7.8 million) and 1,162 common units ($42.0 million). | |||||||||
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, energy-related U.S. and Canadian royalty trusts and income trusts 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.
