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Kayne Anderson MLP Investment Company (the “Company”)
KYN announced today that it has reached a conditional agreement with institutional investors relating to a private placement of $200 million of unsecured notes (“Notes”) and $25 million of Mandatory Redeemable Preferred Shares (“Series I MRP Shares”). Net proceeds from such offerings will be used to refinance existing indebtedness (including the redemption of the Company's $60 million Series M Notes which mature on November 4, 2014), to make new portfolio investments and for general corporate purposes. The private placement is expected to close on October 29, 2014. The closing is subject to investor due diligence, legal documentation and other standard closing conditions.
The table below sets forth the key terms of the Notes and the MRPS:
Amount
Security ($ in millions)
Rate Maturity
Series LL Notes $50
2.89 % 6 years
Series MM Notes 40 3.26 % 8 years
Series NN Notes 20 3.37 % 9 years
Series OO Notes 90 3.46 % 10 years
$200
Series I MRP Shares $25 3.86 % 8 years
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