Kayne Anderson Energy Development Company Announces Impact of Tax Reform on its Net Asset Value
23 Dicembre 2017 - 12:47AM
Kayne Anderson Energy Development Company (the “Company”)
(NYSE:KED) announced today that the Tax Cut and Jobs Act (the “Tax
Reform Bill”) had a positive impact on the Company’s net asset
value. As of December 22, 2017, the Company’s net asset value
per share was $17.87, which included an increase of $0.98 (5.8%) as
a result of the enactment of the Tax Reform Bill today.
Prior to enactment of the Tax Reform Bill, the Company’s
deferred tax liability was based on the federal tax rate of 35%
plus a blended state rate. The Tax Reform Bill cut the
federal rate to 21%, significantly reducing the Company’s deferred
tax liability and resulting in the increase to net asset value. The
lower rate of 21% plus a blended state rate will also be used to
value the Company’s deferred tax liability going forward.
The Company is a non-diversified, closed-end investment company
registered 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.
Contact: KA Fund Advisors, LLC 877-657-3863
http://www.kaynefunds.com/
Grafico Azioni Kayne Anderson Energy Development Company (delisted) (NYSE:KED)
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