Kayne Anderson MLP Investment Company Enters Into New $100 Million Unsecured Revolving Credit Facility
June 14 2010 - 9:27AM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it has entered into a new $100 million
unsecured revolving credit facility with a syndicate of lenders.
The facility has a three-year commitment terminating on June 11,
2013.
Outstanding loan balances will accrue interest daily at a rate
equal to the one-month LIBOR plus 1.75% based on current asset
coverage ratios. The interest rate may vary between LIBOR plus
1.75% to LIBOR plus 3.00%, depending on the Company’s asset
coverage ratios. The Company will pay a fee of 0.40% on any unused
amounts of the credit facility. The Company currently has no
borrowings under the facility. A copy of the new credit agreement
is available on the Company’s website at
www.kaynefunds.com/Kyn_othermaterialdocuments.htm.
“We are very pleased to enter into this new credit facility. We
were able to increase the size of the facility by $20 million,
extend the facility’s tenor from one to three years, and reduce the
facility’s interest rate by 0.5% based on current asset coverage
ratios. This is a testament to the strong support provided by our
lending group,” said Kevin McCarthy, CEO and President.
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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