Kayne Anderson Energy Total Return Fund Completes Private Placement of $20 Million of Mandatory Redeemable Preferred Shares
September 07 2016 - 6:50PM
Business Wire
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”)
(NYSE:KYE) announced today that it completed a private placement of
$20 million of Series C Mandatory Redeemable Preferred Shares (the
“Series C MRP Shares”) with an institutional investor. The Series C
MRP Shares will mature on September 7, 2021 and pay quarterly cash
dividends at a rate of 3.36% per annum. Net proceeds from the
offering will be used to refinance existing leverage and for
general corporate purposes.
The Series C MRP Shares will not be registered under the
Securities Act of 1933, and may not be offered or sold in the
United States absent registration or an applicable exemption from
registration..
The Fund 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 Fund’s investment objective
is to obtain a high total return with an emphasis on current income
by investing primarily in securities of companies engaged in the
energy industry, principally including publicly-traded
energy-related master limited partnerships and limited liability
companies taxed as partnerships and their affiliates,
energy-related U.S. and Canadian trusts and income trusts and other
companies that derive at least 50% of their revenues from operating
assets used in, or providing energy-related services for, the
exploration, development, production, gathering, transportation,
processing, storing, refining, distribution, mining or marketing of
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 materially differ from the Fund’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 Fund’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 Fund undertakes no obligation to publicly
update or revise any forward-looking statements made herein. There
is no assurance that the Fund’s investment objectives will be
attained.
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version on businesswire.com: http://www.businesswire.com/news/home/20160907006895/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com/
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