Kayne Anderson NextGen Energy & Infrastructure Enters Into $45 Million Revolving Credit Facility
February 24 2023 - 6:40PM
Kayne Anderson NextGen Energy & Infrastructure, Inc. (the
“Fund”) (NYSE: KMF) announced today that it has entered into a $45
million unsecured revolving credit facility (the “Credit Facility”)
with a syndicate of lenders. The Credit Facility matures on
February 23, 2024. The Credit Facility replaces the Fund’s $50
million unsecured revolving credit facility that was scheduled to
mature on February 24, 2023.
The interest rate on outstanding borrowings under the Credit
Facility may vary between SOFR plus 1.40% and SOFR plus 2.25%,
depending on the Fund’s asset coverage ratios. Based on the Fund’s
current asset coverage ratios, the interest rate is SOFR plus
1.40%. The Fund will pay a commitment fee of 0.20% per annum on any
unused amounts of the Credit Facility. As of February 24, 2023, the
Fund had $6 million of borrowings outstanding under the Credit
Facility.
A copy of the credit agreement is available on the Fund’s
website at www.kaynefunds.com/kmf.
Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE:
KMF) is a non-diversified, closed-end management investment company
registered under the Investment Company Act of 1940, as amended,
whose common stock is traded on the NYSE. The Fund’s investment
objective is to provide a high level of total return with an
emphasis on making cash distributions to its stockholders. The Fund
seeks to achieve its investment objective by investing at least 80%
of its total assets in securities of Energy Companies and
Infrastructure Companies. The Fund anticipates that the majority of
its investments will consist of investments in ”NextGen” companies,
which we define as Energy Companies and Infrastructure Companies
that are meaningfully participating in, or benefitting from, the
Energy Transition. See Glossary of Key Terms in the Fund’s most
recent quarterly report for a description of these investment
categories and the meaning of capitalized terms.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of any securities
in any jurisdiction in which such offer or sale is not permitted.
Nothing contained in this press release is intended to recommend
any investment policy or investment strategy or consider any
investor’s specific objectives or circumstances. Before investing,
please consult with your investment, tax, or legal adviser
regarding your individual circumstances.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This
communication contains statements reflecting assumptions,
expectations, projections, intentions, or beliefs about future
events. These and other statements not relating strictly to
historical or current facts constitute forward-looking statements
as defined under the U.S. federal securities laws. Forward-looking
statements involve a variety of risks and uncertainties. These
risks include but are not limited to changes in economic and
political conditions; regulatory and legal changes; energy industry
risk; leverage risk; valuation risk; interest rate risk; tax risk;
and other risks discussed in detail in the Fund’s filings with the
SEC, available at www.kaynefunds.com or www.sec.gov.
Actual events could differ materially from these statements or our
present expectations or projections. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date they are made. Kayne Anderson undertakes no obligation
to publicly update or revise any forward-looking statements made
herein. There is no assurance that the Fund’s investment objectives
will be attained.
Contact: Investor Relations at 877-657-3863 or
cef@kaynecapital.com
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