On April 28, Kayne Anderson Energy Development Co. (NYSE: KED) detailed its financial results for the quarter ended February 28. Investment income was $2.3 million for the quarter, and operating expenses were $2.8 million, including $1.8 million of investment management fees, the company said. Investment loss totaled $0.3 million, the company added. The net realized gains from investments were $13.2 million, Kayne Anderson said.
At the end of the quarter, net assets had increased to $16.3 million due to operations, the company said. Net assets’ value was $325 million, at $31.02 per share, the company added.
Regarding its portfolio, at the end of the quarter, Kayne Anderson had $491.4 million of long-term investments, the company said, noting that 94% were public MLPs and 6% were a private MLP, out of a total of 54 portfolio companies.
Regarding capital and liquidity, Kayne Anderson and lenders had recently renewed its credit facility, the company said. The facility has a three-year term and matures Jan. 28, 2017, and the lenders committed $120 million. The maximum amount able to be borrowed was lowered to less than the amounts of the commitment and borrowing base, the company added. Currently, there is $82 million in borrowings in the facility and $297 million in the borrowing base, the company noted. Of these amounts, $2.6 million is cash and $93 million is in borrowings under the facility, the company added.
Kayne Anderson Energy Development Co. is a fund that invests in debt and equity securities of private and public energy MLPs and other energy companies. It is managed by the Kayne Anderson Capital Advisors LP subsidiary, Kayne Anderson Fund Advisors, which is based in Houston.
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