Kayne Anderson MLP Investment Company Increases Size of Unsecured Revolving Credit Facility to $150 Million
February 28 2011 - 5:25PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it amended its unsecured revolving credit
facility (the “Credit Facility”) to increase the total commitment
amount from $100 million to $150 million. The syndicate of lenders
is unchanged and each lender increased its commitment
proportionally. All other terms of the Credit Facility remain the
same.
The maturity date remains June 11, 2013, and outstanding loan
balances will continue to 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 continue to pay a fee of 0.40% on any unused
amounts of the credit facility.
The Company currently has $56 million in borrowings under the
Credit Facility. A copy of the amended credit agreement is
available on the Company’s website at
www.kaynefunds.com/Kyn_othermaterialdocuments.htm.
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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