Kayne Anderson Midstream/Energy Fund Provides an Update on its Balance Sheet and its March Distribution
Kayne Anderson NextGen Energy & Infrastructure, Inc. (KMF)
US:NYSE Investor Relations:
kaynefunds.com/kmf/fact-sheet
Company Research
Source: GlobeNewswire
HOUSTON, March 16, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson Midstream/Energy Fund, Inc. (NYSE: KMF) (the “Fund”) announced today an update on its balance sheet and leverage levels. The Fund also announced revised timing for the distribution originally scheduled to be paid on March 31, 2020. Equity prices for midstream energy companies have been extremely volatile during the first two weeks of March – the Alerian MLP index declined 38% over this time period. In response to the recent record market volatility, the Fund has proactively taken steps to increase its cash position and reduce leverage levels. Since February 29, 2020, the Fund has reduced outstanding indebtedness by $44 million and, as of March 13, 2020, has no borrowings outstanding on its unsecured revolving credit facility. After taking into account these recent repayments, the Fund has $157 million of unsecured senior notes and $75 million of mandatory redeemable preferred shares outstanding. As of the same date, the Fun
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