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Kayne Anderson Energy Development Company Announces Results For The Quarter Ended May 31, 2011

Interest Expense – Interest expense is estimated to be approximately $0.38 million per quarter based on $67 million borrowed under the Company’s credit facility, assuming a 30-day LIBOR rate of 0.19% and a spread of 2.00%.

Based on the foregoing assumptions, the Company is expected to generate net distributable income per share of $0.39 $0.40 per quarter.

CONFERENCE CALL

The Company will host a conference call at 4 p.m. Central time, on Tuesday, July 19, 2011 to discuss its results. All interested parties are welcome to participate. You can access the conference call by dialing (877) 563-8315 approximately 5-10 minutes prior to the call. International callers should dial (706) 679-4383. All callers should reference "Conference ID #78069972." For the convenience of the Company’s stockholders, an archived replay of the call will be available on the Company’s website ( http://www.kaynefunds.com/webcasts.htm).

AVAILABLE INFORMATION

The Company’s filings with the Securities and Exchange Commission, press releases and other financial information are available on the Company’s website at www.kaynefunds.com.

   

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF ASSETS AND LIABILITIESMAY 31, 2011

(amounts in 000’s, except share and per share amounts)(UNAUDITED)

 
ASSETS
Investments, at fair value:
Non-affiliated (Cost — $207,973) $ 228,464
Affiliated (Cost — $110,345) 88,810
Short-term investments (Cost — $5,016)   5,016  
Total investments (Cost — $323,334) 322,290
Receivable for securities sold 306
Interest, dividends and distributions receivable 1,127
Other receivables 7,075
Debt issuance costs, prepaid expenses and other assets   921  
Total Assets   331,719  
LIABILITIES
Senior secured revolving credit facility 67,000
Current income tax liability 19,956
Deferred income tax liability, net 7,258
Investment management fee payable 1,388
Accrued directors’ fees and expenses 73
Accrued expenses and other liabilities   601  
Total Liabilities   96,276  
NET ASSETS $ 235,443  
NET ASSETS CONSIST OF
Common stock, $0.001 par value (200,000,000 shares authorized; 10,302,464 shares issued
and outstanding) $ 10
Paid-in capital 198,660
Accumulated net investment loss, net of income taxes, less dividends (14,476 )
Accumulated net realized gains (losses) on investments, net of income taxes 52,671
Net unrealized gains (losses) on investments, net of income taxes   (1,422 )
NET ASSETS $ 235,443  
NET ASSET VALUE PER SHARE $ 22.85  
   

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF OPERATIONSFOR THE THREE MONTHS ENDED MAY 31, 2011

(amounts in 000’s)(UNAUDITED)

 
INVESTMENT INCOME
Income
Dividends and Distributions:
Non-affiliated investments $ 2,247
Affiliated investments   1,869  
Total dividends and distributions 4,116
Return of capital   (521 )
Net dividends and distributions 3,595

Interest and other income – non-affiliated investments

1,105

Interest and other income – affiliated investments

  558  
Total investment income   5,258  
Expenses
Investment management fees 1,388
Professional fees 155
Directors’ fees and expenses 77
Administration fees 44
Insurance 35
Custodian fees 13
Other expenses   162  
Total expenses — before interest expense 1,874
Interest expense   469  
Total expenses   2,343  
Net Investment Income — Before Income Taxes 2,915
Current income tax expense (646 )
Deferred income tax expense   (397 )
Net Investment Income   1,872  
REALIZED AND UNREALIZED GAINS (LOSSES)
Net Realized Gains
Investments – non-affiliated 6,357
Investments – affiliated 73,909
Current income tax expense (19,310 )
Deferred income tax expense   (9,345 )
Net Realized Gains   51,611  
Net Change in Unrealized Losses
Investments – non-affiliated (9,541 )
Investments – affiliated (53,470 )
Deferred income tax benefit   22,824  
Net Change in Unrealized Losses   (40,187 )
Net Realized and Unrealized Gains   11,424  
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 13,296  

The Company is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its "total assets") in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company's investment objectives will be attained.

Copyright Business Wire 2010
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