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Kayne Anderson Energy Development Company Announces Results For The Quarter And Fiscal Year Ended November 30, 2012

Stocks in this article: KED

Interest Expense – Interest expense is estimated to be approximately $0.45 million per quarter based on $72.0 million borrowed under the Company’s credit facility, assuming a 30-day LIBOR rate of 0.20% and a spread of 2.00%.

Based on the foregoing assumptions, the Company is expected to generate net distributable income (“NDI”) per share of $0.435 to $0.445 in the first quarter of fiscal 2013.

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

NOVEMBER 30, 2012

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

 
ASSETS
Investments, at fair value:
Non-affiliated (Cost — $167,453) $   201,347
Affiliated (Cost — $138,306)     134,242
Total investments (Cost — $305,759) 335,589
Cash 1,648
Receivable for securities sold 5,449
Interest, dividends and distributions receivable 632
Other receivable 2,900
Debt issuance costs, prepaid expenses and other assets     838
Total Assets     347,056
LIABILITIES
Payable for securities purchased 559
Investment management fee payable 1,510
Accrued directors’ fees and expenses 78
Accrued expenses and other liabilities 573
Current income tax liability 460
Deferred income tax liability 24,859
Credit facility     72,000
Total Liabilities     100,039
NET ASSETS $   247,017
NET ASSETS CONSIST OF

Common stock, $0.001 par value (200,000,000 shares authorized; 10,405,130 shares issued

 

 

and outstanding)

$

10

Paid-in capital 200,903
Accumulated net investment loss, net of income taxes, less dividends (36,042)
Accumulated net realized gains on investments, net of income taxes 63,571
Net unrealized gains on investments, net of income taxes     18,575
NET ASSETS $   247,017
NET ASSET VALUE PER SHARE $   23.74
 
     

KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED NOVEMBER 30, 2012

(amounts in 000’s)

 
INVESTMENT INCOME
Income
Dividends and distributions:
Non-affiliated investments $ 9,961
Affiliated investments   11,838
Total dividends and distributions 21,799
Return of capital   (16,980)
Net dividends and distributions 4,819
Interest and other income — non-affiliated investments 4,154
Interest — affiliated investments   1,834
Total Investment Income   10,807
Expenses
Investment management fees 5,994
Professional fees 542
Directors’ fees and expenses 300
Insurance 95
Administration fees 89
Other expenses   278
Total expenses — Before Interest Expense 7,298
Interest expense   2,306
Total Expenses   9,604
Net Investment Income — Before Income Taxes 1,203
Current income tax expense (104)
Deferred income tax expense   (291)
Net Investment Income   808
REALIZED AND UNREALIZED GAINS
Net Realized Gains
Investments — non-affiliated 10,772
Investments — affiliated 4,759
Current income tax expense (1,503)
Deferred income tax expense   (4,143)
Net Realized Gains   9,885
Net Change in Unrealized Gains
Investments — non-affiliated 16,244
Investments — affiliated 5,170
Deferred income tax expense   (7,784)
Net Change in Unrealized Gains   13,630
Net Realized and Unrealized Gains   23,515
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 24,323
 

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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