Kayne Anderson MLP Investment Company Enters Into $250 Million Revolving Credit Facility
HOUSTON--(BUSINESS WIRE)--Kayne Anderson MLP Investment Company (NYSE: KYN) announced that it has entered into a $250 million unsecured revolving credit facility with a syndicate of lenders. The Credit Facility replaces the previous unsecured revolving credit facility having a commitment of $200 million. 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 Company will pay a fee equal to a rate of 0.30% on any unused amounts of the Credit Facility. The Company currently has $37 million borrowed under the Credit Facility. A copy of the new credit agreement is available on the Company’s website at www.kaynefunds.com/kyn/other-material-documents.
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.