Kayne Anderson MLP/Midstream Investment Company Enters Into $300 Million Revolving Credit Facility
February 08 2019 - 6:45PM
Kayne Anderson MLP/Midstream Investment Company (the “Company”)
(NYSE: KYN) announced today that it has entered into a $300 million
unsecured revolving credit facility (the “Credit Facility”) with a
syndicate of lenders. The Credit Facility has a 364-day term,
maturing on February 7, 2020. The Credit Facility replaces the
Company’s $150 million unsecured revolving credit facility that was
scheduled to mature on February 15, 2019. In connection with the
renewal and increased size of the Credit Facility, the Company has
terminated its $150 million term loan facility that was scheduled
to mature on February 18, 2019.
The interest rate on outstanding borrowings under the Credit
Facility may vary between LIBOR plus 1.30% and LIBOR plus 1.95%,
depending on the Company’s asset coverage ratios. Based on the
Company’s current asset coverage ratios, the interest rate would be
one-month LIBOR plus 1.30%. The Company will pay a commitment fee
of 0.20% on any unused amounts of the Credit Facility. As of
February 8, 2019, the Company had no borrowings under the Credit
Facility.
A copy of the amended credit agreement is available on the
Company’s website at
www.kaynefunds.com/kyn/other-material-documents.
Kayne Anderson MLP/Midstream 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. KYN’s investment objective is to
obtain a high after-tax total return by investing at least 85% of
its total assets in energy-related 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 (collectively with midstream
MLPs, “Midstream Energy Companies”).
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.
Contact:KA Fund Advisors, LLC877-657-3863www.kaynefunds.com
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