Kayne Anderson MLP Investment Company Completes Private Placement of Senior Notes and Preferred Stock
November 10 2010 - 6:38PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it has completed a private placement with
institutional investors of $140 million of senior unsecured
notes (the “Senior Notes”) and $50 million of mandatory redeemable
preferred stock (the “MRPS”).
Net proceeds from the offerings will be used to repay borrowings
under the Company’s revolving credit facility, to make new
portfolio investments and for general corporate purposes.
The table below sets forth the key terms of each series of the
Senior Notes and the MRPS:
Security
Amount($ in millions)
Rate
Maturity
Senior Notes
Series Q $ 15 3.23% 11/9/2015 Series R 25 3.73% 11/9/2017 Series S
60 4.40% 11/9/2020 Series T 40 4.50% 11/9/2022 Total $ 140
Mandatory Redeemable Preferred Stock Series B $ 8 4.53%
11/9/2017 Series C 42 5.20% 11/9/2020 Total
$ 50
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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