Kayne Anderson MLP Investment Company Completes Private Placement of Senior Notes & Preferred Stock & Announces Redemption of...
May 07 2010 - 7:57PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it has completed a private placement with
institutional investors of $110 million of senior unsecured
notes (the “Senior Unsecured Notes”) and $110 million of mandatory
redeemable preferred stock (the “Series A Mandatory Redeemable
Preferred Stock”).
Net proceeds from the offerings will be used to repay short-term
borrowings, to redeem all of the Company’s Series D Auction Rate
Preferred Stock ($75 million outstanding), to make new portfolio
investments and for general corporate purposes.
The Company announced that it has filed with the Securities
Exchange Commission a notice of its intention to redeem its Series
D Auction Rate Preferred Stock. The Company expects to complete the
redemption on May 28, 2010.
The table below sets forth the key terms of each series of the
Senior Unsecured Notes and the Series A Mandatory Redeemable
Preferred Stock:
Amount Fixed/
Security ($ in millions)
Floating Interest/Dividend Rate
Maturity Senior Unsecured Notes Series O $ 65 Fixed 4.21 %
5/7/2015 Series P
45 Floating 3-month LIBOR +
160 bps 5/7/2015 Total $ 110
Series A Mandatory Redeemable
PreferredStock
$ 110 Fixed 5.57 % 5/7/2017
Neither the Senior Unsecured Notes nor the Series A Mandatory
Redeemable Preferred Stock will 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.
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 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 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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