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Kayne Anderson Energy Development Company Announces Results For The Quarter Ended May 31, 2012

Interest Expense – Interest expense is estimated to be approximately $0.46 million per quarter based on $82.5 million borrowed under the Company’s credit facility, assuming a 30-day LIBOR rate of 0.24% and a spread of 2.00%.

Based on the foregoing assumptions, the Company is expected to generate net distributable income (“NDI”) per share of $0.44 to $0.45 in the third quarter of fiscal 2012.

CONFERENCE CALL

The Company will host a conference call at 4 p.m. Central time, on July 24, 2012 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 # 97250332". For the convenience of the Company’s stockholders, an archived replay of the call will be available on the Company’s website ( www.kaynefunds.com/ked/webcasts-and-presentations/).

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 LIABILITIES

MAY 31, 2012

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

(UNAUDITED)

         
ASSETS
Investments, at fair value:
Non-affiliated (Cost — $184,577) $ 200,760
Affiliated (Cost — $127,567)   120,679  
Total investments (Cost — $312,144) 321,439
Cash 2,024
Income tax receivable 332
Receivable for securities sold 1,178
Interest, dividends and distributions receivable 833
Other receivable 5,030
Debt issuance costs, prepaid expenses and other assets   1,042  
Total Assets   331,878  
LIABILITIES
Credit facility 79,000
Deferred income tax liability 15,397
Payable for securities purchased 157
Investment management fee payable 1,501
Accrued directors’ fees and expenses 72
Accrued expenses and other liabilities   511  
Total Liabilities   96,638  
NET ASSETS $ 235,240  
NET ASSETS CONSIST OF
Common stock, $0.001 par value (200,000,000 shares authorized; 10,372,420 shares issued and outstanding) $ 10
Paid-in capital 200,117
Accumulated net investment loss, net of income taxes, less dividends (28,845 )
Accumulated net realized gains on investments, net of income taxes 58,453
Net unrealized gains on investments, net of income taxes   5,505  
NET ASSETS $ 235,240  
NET ASSET VALUE PER SHARE $ 22.68  
 
 

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MAY 31, 2012

(amounts in 000’s)

(UNAUDITED)

             
INVESTMENT INCOME
Income
Dividends and Distributions:
Non-affiliated investments $ 2,545
Affiliated investments 2,329
Total dividends and distributions 4,874
Return of capital (3,836)
Net dividends and distributions 1,038
Interest and other income — non-affiliated investments 1,051
Interest — affiliated investments 425
Total investment income 2,514
Expenses
Investment management fees 1,501
Professional fees 134
Directors’ fees and expenses 76
Insurance 26
Administration fees 22
Custodian fees 11
Other expenses 65
Total expenses — before interest expense 1,835
Interest expense 602
Total expenses 2,437
Net Investment Income — Before Income Taxes 77
Deferred income tax expense (33)
Net Investment Income 44
REALIZED AND UNREALIZED GAINS (LOSSES)
Net Realized Gains (Losses)
Investments — non-affiliated 4,676
Investments — affiliated (9)
Deferred income tax expense (1,757)
Net Realized Gains 2,910
Net Change in Unrealized Gains (Losses)
Investments — non-affiliated (22,369)
Investments — affiliated (6,536)
Deferred income tax benefit 10,697
Net Change in Unrealized Losses (18,208)
Net Realized and Unrealized Losses (15,298)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $ (15,254)
 

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.



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