Kayne Anderson Energy Development Company Announces Results For The Quarter Ended August 31, 2010
PORTFOLIO AND INVESTMENT ACTIVITY
As of August 31, 2010, the Company had long-term investments of $240.9 million. The Company’s long-term investments consisted of 42 portfolio companies, which were comprised of private MLPs (52%), public MLPs (32%) and debt securities (16%).
NET ASSET VALUE
As of August 31, 2010, the Company’s net asset value was $196.0 million or $19.14 per share. This represents an increase of $2.25 per share or 13.3% compared to $172.5 million or $16.89 per share on May 31, 2010. As of August 31, 2010, the Company had a deferred tax liability of $0.3 million (the fair value of the Company’s investments was in excess of the cost basis of such investments). As of May 31, 2010, the Company had a deferred tax asset of $14.8 million.LIQUIDITY AND CAPITAL RESOURCES As of August 31, 2010, the Company had approximately $7.3 million in cash and cash equivalents. As of October 8, 2010, the Company had approximately $1.9 million in cash and cash equivalents. As of August 31, 2010, the Company had $52.0 million of borrowings under its Credit Facility (at an interest rate of 2.30%), which represented 66.8% of its borrowing base of $77.8 million (78.8% of its borrowing base attributable to quoted securities). As of October 8, 2010, the Company had $52.0 million of borrowings under its Credit Facility (at an interest rate of 2.26%), which represented 65.1% of the borrowing base of $79.9 million (76.4% of its borrowing base attributable to quoted securities). The maximum amount that the Company can borrow under its Credit Facility is limited to the lesser of the commitment amount of $70.0 million and the borrowing base. DISTRIBUTION On September 29, 2010, the Company announced a distribution of $0.30 per share for the quarter ended August 31, 2010. This distribution is payable on October 28, 2010 to shareholders of record on October 15, 2010.
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