Kayne Anderson MLP Investment Company Prices Public Offering of Mandatory Redeemable Preferred Shares
May 04 2011 - 9:28AM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced the pricing of a public offering of preferred stock.
The Company agreed to sell 4,000,000 shares of Series D Mandatory
Redeemable Preferred Shares (“Series D MRP Shares”) at a price of
$25.00 per share. The Series D MRP Shares pay cash dividends at a
rate of 4.95% per annum and have a mandatory redemption date of
June 1, 2018. The Company will use the net proceeds from the
offering of approximately $98 million to repay borrowings under its
revolving credit facility, to make additional portfolio investments
that are consistent with its investment objectives and policies and
for general corporate purposes. The offering is scheduled to close
on May 10, 2011.
BofA Merrill Lynch, Citi, Wells Fargo Securities, and RBC
Capital Markets are joint book-running managers. A copy of the
prospectus supplement and base prospectus relating to the offering
may be obtained from the following addresses:
Merrill Lynch, Pierce, Fenner & Smith
IncorporatedAttn: Prospectus Department100 West 33rd Street, 3rd
FloorNew York, NY 10001Email: dg.prospectus_requests@baml.com
CitiAttn: Prospectus DepartmentBrooklyn
Army Terminal140 58th Street, 8th FloorBrooklyn, NY 11220Telephone:
800-831-9146Email: batprospectusdept@citi.com
Wells Fargo Securities, LLC1525 West W.T.
Harris Blvd, NC0675Charlotte, NC 28262Attention: Syndicate
OperationsTelephone: (800) 326-5897
RBC Capital Markets3 World Financial Center
200 Vesey Street
New York, NY 10281
Telephone: (866) 375-6829
The offering is made pursuant to an existing effective shelf
registration statement on Form N-2 previously filed with the
Securities and Exchange Commission. The offering of these
securities will be made only by means of a prospectus.
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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