Kayne Anderson MLP Investment Company Completes Public Offering of Mandatory Redeemable Preferred Stock
May 10 2011 - 5:20PM
Business Wire
Kayne Anderson MLP Investment Company (the “Company”) (NYSE:
KYN) announced today that it has completed a public offering of
preferred stock of 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 Series D MRP Shares have commenced trading on the
New York Stock Exchange (NYSE) under the symbol “KYN Pr D”.
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.
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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