Kayne Anderson MLP Investment Company Announces Pricing of a Private Placement of Senior Notes and Preferred Stock
October 29 2010 - 4:10PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it reached a conditional agreement with
institutional investors relating to a private placement of $140
million of senior unsecured notes (“Senior Notes”) and $50 million
of mandatory redeemable preferred stock (“MRPS”). The table below
sets forth the key terms of the Senior Notes and the MRPS:
Security
Amount($ in millions) Rate
Term Senior Notes Series Q $ 15
3.23% 5 years Series R 25 3.73% 7 years Series S 60 4.40% 10 years
Series T 40 4.50% 12 years Total $ 140 Mandatory
Redeemable Preferred Stock Series B $ 8 4.53% 7 years Series C
42 5.20% 10 years Total $ 50
Net proceeds from such offerings will be used to repay
borrowings under the Company’s revolving credit facility, to make
new portfolio investments and for general corporate purposes.
Closing of the private placements is scheduled to occur on or about
November 9, 2010 and is subject to investor due diligence, legal
documentation and other standard closing conditions.
Neither the Senior Notes nor the MRPS 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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