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KYN

Kayne Anderson MLP

$3.50 /

+0.31 (+9.72%)

08:28
03/23/20
03/23
08:28
03/23/20
08:28

Kayne Anderson MLP reports $497M in cash on balance sheet as of Mar. 20

Kayne Anderson MLP/Midstream announced an update on its balance sheet and leverage levels. The Company has continued to take steps to increase its cash position. As of March 20, 2020, the Company had $497 million of cash on its balance sheet, including cash it will receive today for securities it has recently sold. The Company 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 Company has $531 million of unsecured senior notes and $342 million of mandatory redeemable preferred shares outstanding. It is the Company'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 20th, the Company's asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 271% and the Company's asset coverage ratio under the 1940 Act with respect to total leverage was 165%. The Company is still in the process of determining what portion of its cash balance will be used to redeem debt and what portion will be used to redeem preferred stock. For illustrative purposes, assuming the Company uses all of its cash to repay outstanding indebtedness, the pro forma coverage ratios are estimated to be 1665% for the '40 Act Debt Test and 239% for the '40 Act Leverage Test.

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