Kayne Anderson Energy Total Return Fund Enters into $100 Million Revolving Credit Facility
HOUSTON--(BUSINESS WIRE)--Kayne Anderson Energy Total Return Fund, Inc. (NYSE:KYE) announced that it has entered into a $100 million unsecured revolving credit facility with a syndicate of lenders. The Credit Facility has a three-year commitment terminating on March 4, 2016.
Outstanding loan balances will accrue interest daily at a rate equal to the one-month LIBOR plus 1.60% based on current asset coverage ratios. The interest rate may vary between LIBOR plus 1.60% and LIBOR plus 2.25%, depending on asset coverage ratios. The Fund will pay a fee equal to a rate of 0.30% on any unused amounts of the Credit Facility. The Fund currently has $38 million borrowed under the Credit Facility. A copy of the new credit agreement is available on the Fund’s website at www.kaynefunds.com/kye/other-material-documents.