Kayne Anderson Midstream/Energy Fund Provides an Update on its Balance Sheet
Kayne Anderson NextGen Energy & Infrastructure, Inc. (KMF)
US:NYSE Investor Relations:
kaynefunds.com/kmf/fact-sheet
Company Research
Source: GlobeNewswire
HOUSTON, March 30, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson Midstream/Energy Fund, Inc. (NYSE: KMF) (the “Fund”) announced today an update on its balance sheet and leverage levels. As of March 27, 2020, the Fund had $146 million of cash on its balance sheet, including cash it will receive by Tuesday for securities it has recently sold. The Fund plans to prudently use its cash balance to reduce leverage levels over the next month in a way that minimizes prepayment penalties and maximizes shareholder value. Currently, the Fund has $157 million of unsecured senior notes and $75 million of mandatory redeemable preferred shares outstanding. It is the Fund’s intention to comply with all applicable 1940 Act leverage tests as well as the covenants on its debt agreements and the terms of its preferred stock. As of March 27th, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness (the “’40 Act Debt Test”) was 263% and the Fund’s asset
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