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HOUSTON, Dec. 02, 2022 (GLOBE NEWSWIRE) — Kaine Anderson NextGen Energy & Infrastructure, Inc. (the “Fund”) (NISE: KMF) today filed a consolidated unaudited statement of assets and liabilities and disclosed its Net Asset Value and Asset Coverage Ratios under the Investment Company Act of 1940 (the “1940 Act”) as of November 30 in 2022
As of November 30, 2022, the Fund’s net assets were $463.6 million and its net asset value per share was $9.82. As of November 30, 2022, the coverage ratio of the Fund’s assets under the 1940 Act in relation to senior securities representing indebtedness was 731%, and the coverage ratio of the Fund’s assets under the 1940 Act in relation to total leverage (debt and preferred shares) was 481%.
Kaine Anderson NextGen Energy & Infrastructure, Inc. | ||||
Statement of assets and liabilities | ||||
November 30, 2022 | ||||
(unaudited) | ||||
(in millions) | ||||
Investments | $ | 576.3 | ||
Cash and cash equivalents | 6.3 | |||
Receivable for securities sold | 2.4 | |||
Calculated income | 1.3 | |||
Other means | 0.6 | |||
total assets | 586.9 | |||
Notes | 80.1 | |||
Costs of issuing unamortized notes | (0.1 | ) | ||
Preference shares | 41.5 | |||
Unamortized costs of issuing preferred shares | (0.5 | ) | ||
Total leverage | 121.0 | |||
Other obligations | 2.3 | |||
Net assets | $ | 463.6 | ||
As of November 30, 2022, the fund had 47,197,462 ordinary shares.
As of November 30, 2022, equity and debt investments accounted for 99% and 1% of the Fund’s long-term investments. Long-term investments consisted of Midstream Companies (39%), Natural Gas and LNG Infrastructure Companies (27%), Renewable Infrastructure Companies (17%), Utilities (16%) and Debt (1%).
The ten largest holdings of the Fund by issuer as of November 30, 2022 are:
Amount (in millions)* |
Percentage of Long term Investments |
||||||
1. | Enterprise Products Partners LP (Midstream Company) | $43.0 | 7.5 | % | |||
2. | Targa Resources Corp. (Midstream Company) | 42.5 | 7.4 | % | |||
3. | Cheniere Energy, Inc. (Natural Gas and LNG Infrastructure Company) | 40.4 | 7.0 | % | |||
4. | The Williams Companies, Inc. (Natural Gas and LNG Infrastructure Company) | 37.3 | 6.5 | % | |||
5. | Energi Transfer LP (Midstream Company) | 33.2 | 5.8 | % | |||
6. | Plains GP Holdings, LP ** (Midstream Company) | 30.4 | 5.3 | % | |||
7. | MPLX LP (Midstream Company) | 27.7 | 4.8 | % | |||
8. | DT Midstream, Inc. (Natural Gas and LNG Infrastructure Company) | 24.2 | 4.2 | % | |||
9. | NextEra Energy Partners, LP (Renewable Infrastructure Company) | 22.1 | 3.8 | % | |||
10. | TC Energi Corporation (natural gas and LNG infrastructure company) | 20.6 | 3.6 | % |
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* | It includes equity ownership and debt investments. |
** | Includes ownership of Plains GP Holdings, LP (“PAGP”) and Plains AAP, LP (“PAGP-AAP”). |
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Portfolio ownership is subject to change without notice. Mention of particular securities is not a recommendation or invitation to any person to buy, sell or hold any particular security. You can get a complete list of assets by looking at the Fund’s latest quarterly or annual report.
Kaine Anderson NextGen Energy & Infrastructure, Inc. (NISE: KMF) is a non-diversified closed-end investment company registered under the Investment Company Act of 1940, as amended, whose common shares are traded on the NISE. The Fund’s investment objective is to provide a high level of total return with an emphasis on cash distribution to its shareholders. The fund seeks to achieve its investment objective by investing at least 80% of its total assets in the securities of energy and infrastructure companies. The Fund anticipates that the majority of its investments will consist of investments in “NextGen” companies, which we define as energy and infrastructure companies that significantly participate in or benefit from the energy transition. See the Glossary of Key Terms in the Fund’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.
This press release will not constitute an offer to sell or an invitation to buy, nor will there be any sale of any securities in any jurisdiction in which such an offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or to take into account the specific objectives or circumstances of any investor. Please consult your investment, tax or legal advisor regarding your individual circumstances before investing.
WARNING REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements that reflect assumptions, expectations, projections, intentions or beliefs about future events. These and other statements that do not relate strictly to historical or current facts constitute forward-looking statements as defined in the US federal securities laws. Forward-looking statements involve a number of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Fund’s filings with the SEC, available at www.kainefunds.com or www.sec.gov. Actual events may differ materially from these statements or from our current expectations or projections. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date they are made. Kane Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no guarantee that the investment objectives of the Fund will be achieved.
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