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Kayne Anderson MLP Investment Company: Kayne Anderson MLP Investment Company Extends Unsecured Revolving Credit Facility to May

^{Published on 2009-04-15 06:57:09, Last Modified on 2009-04-15 06:57:59 - Market Wire}
 

HOUSTON, TX--(Marketwire - April 15, 2009) - Kayne Anderson MLP Investment Company (the "Company") (NYSE: [ KYN ]) announced today it has extended the termination date of its unsecured revolving credit facility from April 14, 2009 to May 26, 2009. The Company currently has no borrowings under the facility. The purpose of the extension was to match the termination date of the unsecured revolving credit facility for the Company's sister fund, the Kayne Anderson Energy Total Return Fund (NYSE: [ KYE ]). The Company believes it will be better positioned to refinance both facilities at the same time.

No other terms of the Company's credit facility have changed and the amount of the credit commitment remains at $125 million with outstanding loan balances accruing interest daily at a rate equal to the one-month LIBOR plus 1.65 percent. The Company will continue to pay a fee equal to a rate of 0.50 percent on any unused amounts of the credit facility.

The Company entered into the original $200 million credit facility on April 15, 2008 with the Custodial Trust Company ("CTC"), an affiliate of Bear Stearns Fund Management Inc. On January 19, 2009, the Company reduced the amount of the credit commitment to $125 million with JPMorgan Chase Bank, N.A., the successor to CTC.

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.

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.