Kayne Anderson MLP Investment Company Prices Public Offering of Series F Mandatory Redeemable Preferred Shares
March 26 2013 - 7:03PM
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 4,400,000 shares of Series F Mandatory
Redeemable Preferred Shares (“Series F MRP Shares”) at a price of
$25.00 per share (exclusive of 600,000 additional shares that the
underwriters may purchase pursuant to a 15-day option to cover
over-allotments, if any). The Series F MRP Shares pay cash
dividends at a rate of 3.50% per annum and have a mandatory
redemption date of April 15, 2020. The Company intends to use the
net proceeds from the offering of approximately $108 million to
redeem its Series D Mandatory Redeemable Preferred Shares, to make
investments in portfolio companies in accordance with its
investment objective and policies, to repay indebtedness, and for
general corporate purposes. The offering is scheduled to close on
April 3, 2013.
Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Citigroup and UBS Investment Bank 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
Incorporated
Attn: Prospectus Department
222 Broadway, 11th Floor
New York, NY 10038
Email: dg.prospectus_requests@baml.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: 800-831-9146
Email: batprospectusdept@citi.com
UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, NY 10171
Telephone: 888-827-7275
Investors may also obtain these documents free of charge from
the Company’s website at www.kaynefunds.com/kyn/sec-filings/ or the
Securities and Exchange Commission’s (“SEC”) website at
www.sec.gov.
An investor should read the Company’s preliminary prospectus
supplement and the base prospectus carefully before investing. The
preliminary prospectus supplement and the base prospectus contain
important information about the Company and its investment
objective and policies, risks, charges and expenses.
This press release does not constitute an offer to sell or a
solicitation to buy the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer or solicitation or sale would be unlawful prior
to registration or qualification under the laws of such state or
jurisdiction. A registration statement relating to these securities
was filed with, and has been declared effective by, the SEC.
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
New York Stock Exchange. 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 (collectively, “MLPs”), 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, 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 objective will be attained.
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