Kayne Anderson Midstream/Energy Fund Enters Into a New $75 Million Revolving Credit Facility
November 10 2016 - 5:19PM
Business Wire
Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”)
(NYSE:KMF) announced today that it has entered into a $75 million
unsecured revolving credit facility (the “Credit Facility”). The
Credit Facility replaces the previous $105 million unsecured
revolving credit facility that was scheduled to mature on November
21, 2016. The Credit Facility has a two-year commitment terminating
on November 9, 2018.
Outstanding loan balances will accrue interest daily at a rate
equal to the one-month LIBOR plus 1.60% based on current asset
coverage ratios. The interest rate may vary between LIBOR plus
1.60% and LIBOR plus 2.25%, depending on asset coverage ratios. The
Fund pays a fee equal to a rate of 0.30% on any unused amounts of
the Credit Facility. The Fund currently has no borrowings under the
Credit Facility. A copy of the third amendment to the credit
agreement is available on the Fund’s website at
www.kaynefunds.com/kmf/other-material-documents.
Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified,
closed-end management investment company registered under the
Investment Company Act of 1940, whose common stock is traded on the
New York Stock Exchange. The Fund’s investment objective is to
provide a high level of total return with an emphasis on making
quarterly cash distributions to its stockholders by investing at
least 80% of its total assets in securities of companies in the
Midstream/Energy Sector, consisting of: (a) Midstream Master
Limited Partnerships (“MLPs”), (b) Midstream Companies, (c) Other
MLPs and (d) Other Energy Companies. The Fund anticipates that the
majority of its investments will consist of investments in
Midstream MLPs and Midstream Companies. See Glossary of Key Terms
on page ii of the Prospectus for definitions of certain key
terms.
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 Fund’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 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 objective
will be attained.
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version on businesswire.com: http://www.businesswire.com/news/home/20161110006632/en/
KA Fund Advisors, LLCMonique Vo,
877-657-3863http://www.kaynefunds.com
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