Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information And Announces Its Net Asset Value And Asset Coverage Ratios At February 29, 2012

Kayne Anderson MLP Investment Company (the “Company”) (NYSE: KYN) today provided a summary unaudited balance sheet and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of February 29, 2012.

As of February 29, 2012, the Company’s net assets were $2.5 billion, and its net asset value per share was $30.07. As of February 29, 2012, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 423% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 324%.
           
Kayne Anderson MLP Investment Company
Balance Sheet
February 29, 2012
(Unaudited)
(in millions) Per Share
Investments $ 4,165.4 $ 50.26
Cash 43.1 0.52
Deposits 0.4
Accrued income 2.7 0.03
Receivable for common stock offering 226.9 2.74
Receivable for securities sold 1.3 0.02
Other assets   8.8   0.11
Total assets 4,448.6 53.68
 
Credit facility borrowings 76.0 0.92
Senior notes 775.0 9.35
Preferred stock   260.0   3.14
Total leverage   1,111.0   13.41
 
Payable for securities purchased 175.9 2.12
Deferred tax liability 645.2 7.79
Other liabilities   24.4   0.29
Total liabilities 845.5 10.20
 
Net assets $ 2,492.1 $ 30.07
 
The Company had 82.87 million common shares outstanding as of February 29, 2012.
 

Long-term investments were comprised of Midstream MLP (67%), MLP Affiliate (9%), General Partner MLP (7%), Shipping MLP (5%), Propane MLP (2%), Upstream MLP & Income Trust (3%) and Coal MLP & Other (7%).

The Company’s ten largest holdings by issuer at February 29, 2012 were:

                        Percent of
Units Amount Long-Term
(in thousands) ($ millions) Investments
1. Enterprise Products Partners L.P. (Midstream MLP) 7,396 383.7 9.2%
2. Kinder Morgan Management, LLC (MLP Affiliate) 3,900 312.7 7.5%
3. Plains All American Pipeline, L.P. (Midstream MLP) 3,161 261.4 6.3%
4. MarkWest Energy Partners, L.P. (Midstream MLP) 3,920 234.5 5.6%
5. Energy Transfer Equity, L.P. (General Partner MLP) 4,425 192.4 4.6%
6. Magellan Midstream Partners, L.P. (Midstream MLP) 2,316 169.5 4.1%
7. Regency Energy Partners LP (Midstream MLP) 6,393 169.4 4.1%
8. El Paso Pipeline Partners, L.P. (Midstream MLP) 4,345 159.3 3.8%
9. Williams Partners L.P. (Midstream MLP) 2,509 156.1 3.7%
10. ONEOK, Partners, L.P. (Midstream MLP) 2,397 139.5 3.3%
 

Kayne Anderson MLP Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, whose common stock is traded on the NYSE. The Company's investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related master limited partnerships and their affiliates, and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.

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 differ from the Company's historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation 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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