Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

Kayne Anderson MLP Investment Company Completes $110 Million Private Placement of Senior Unsecured Notes

HOUSTON - 
      Kayne Anderson MLP Investment Company (the “Company”) (NYSE: KYN) 
      announced today that it has completed a private placement of $110 
      million, aggregate principal amount, of senior unsecured fixed and 
      floating rate notes (the “Senior Unsecured Notes”). Net pro
Posted : Wed, 04 Nov 2009 22:25:44 GMT
Author : Kayne Anderson MLP Investment Company
Category : Press Release
News Alerts by Email ( click here )
Press Release News | Home
HOUSTON - (Business Wire) Kayne Anderson MLP Investment Company (the “Company”) (NYSE: KYN) announced today that it has completed a private placement of $110 million, aggregate principal amount, of senior unsecured fixed and floating rate notes (the “Senior Unsecured Notes”). Net proceeds from the private placement will be used to repay certain of the Company’s current borrowings.

The table below sets forth the key terms of each series of the Senior Unsecured Notes:

Series   Principal

($ in millions)

  Fixed / Floating   Rate   Maturity
M   $60   Fixed   4.56%   11/4/2014
N   50   Floating   3-month LIBOR + 185 bps   11/4/2014
Total   $110            

Based on a 3-month LIBOR rate of 0.28% on November 4, 2009, the interest rate for Series N Senior Unsecured Notes is 2.13%.

Proceeds from the Senior Unsecured Notes offering, net of $1.7 million in fees, expenses and accrued interest, will be used to repay the following borrowings:

Instrument  

Borrowings/

Principal

($ in millions)

  Fixed / Floating   Rate   Maturity
Credit Facility   $64   Floating   1-month LIBOR + 225 bps   6/25/2010
Series H 20 Floating 3-month LIBOR + 225 bps 6/19/2011
Series J   24   Floating   3-month LIBOR + 225 bps   6/19/2012
Total   $108            

“We are very pleased with this transaction,” said Kevin McCarthy, CEO and President of the Company. “KYN was able to extend the maturities of its existing floating rate notes at an attractive spread and to refinance borrowings on its revolving credit facility with 5-year notes at very attractive rates.”

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 of natural gas, natural gas liquids (including propane), 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 objectives will be attained.

KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com


Copyright © 2008 Business Wire. All rights reserved.
Share/Save/Bookmark

Article : Kayne Anderson MLP Investment Company Completes $110 Million Private Placement of Senior Unsecured Notes
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Klim USA Selects PLM, Sourcing from Centric Software
Focus on speeding sample development, on-time product design and delivery/I/P PCampbell, Calif. (PRWEB) August 26, 2009 -- Klim USA, a rapidly growing maker of advanced technical riding gear for today's aggressive off-road dirt bike and snowmobile rider, has become the most recent appar...

Centric Software Hosts Customer Advisory Board Meeting
Focus on issues facing customers in fast-moving consumer goods, fashion industries/I/P PCampbell, CA (PRWEB) September 30, 2009 -- Centric Software hosted a fashion and consumer goods Customer Advisory Board meeting last week in New York, New York. The event included executives...

Daniel P. Quinn, Author of 'organized labor' (AuthorHouse), and Exits & Entrances, available for Interviews in 2009/10..
Daniel P Quinn's organized labor is a panoramic survey of labor history in poetic verse with historic photographs. From New York's Landmark Tavern in the 1890's to the 1913 strike at the Botto House Museum, Haledon, NJ. Mr. Quinn shapes a vision both old and new of his family history and tha...

Centric Software to Present at 2009 Tech Conference at Fashion Institute of Technology
Subject material will challenge apparel companies to consider new strategies for success in current economic environment, examine practices of Apparel Magazine All-Star Award winner Klim USA./I/P PCampbell, CA (PRWEB) November 9, 2009 -- Media Alert What:  &n...

Award Winning Producer requests support for The Newark Naples Festival, 2010/13 and beyond in NJ.
Daniel P Quinn has worked at LaScala for Claudio Abbado, directed at the Teatro Trianon in Rome, premiered Edward Bond's play "Derek" in Newark, Co-ordinated Irish Music Festival's at Snug Harbor,The Great George Festival in Paterson, NJ and initiates with ArtsPRunlimited The Newa...

FNC Blog: Appraisers Working Long-Distance Spells Trouble for Mortgage Industry
OXFORD, Miss. - A mortgage industry trend that requires appraisers to work in unfamiliar neighborhoods is resulting in serious valuation issues, according to a new blog posted Sunday, Nov. 22. FNC’s chief data and analytics officer Dr. Bob Dorsey tackles the issue

Ryan Mallett, Jeremiah Masoli, Shane Vereen and Deunta Williams Announced as Week Twelve Nominees for the AT&T All-America Player of the Week Award
ATLANTA, Nov. 22 /PRNewswire/ -- Four nominees for the AT&T All-America Player of the Week award have been announced after the twelfth week of college football action, and AT&T* is relying on fans to determine who rules the gridiron. Based on outstanding performa...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.