Business & Finance
Business and Finance
Business and Finance
Tue, March 1, 2011
Mon, February 28, 2011 Kayne Anderson MLP Investment Company Increases Size of Unsecured Revolving Credit Facility to$150Million
HOUSTON--([ BUSINESS WIRE ])--Kayne Anderson MLP Investment Company (the aCompanya) (NYSE: KYN) announced today that it amended its unsecured revolving credit facility (the aCredit Facilitya) to increase the total commitment amount from $100 million to $150 million. The syndicate of lenders is unchanged and each lender increased its commitment proportionally. All other terms of the Credit Facility remain the same.
The maturity date remains June 11, 2013, and outstanding loan balances will continue to accrue interest daily at a rate equal to the one-month LIBOR plus 1.75% based on current asset coverage ratios. The interest rate may vary between LIBOR plus 1.75% to LIBOR plus 3.00%, depending on the Companya™s asset coverage ratios. The Company will continue to pay a fee of 0.40% on any unused amounts of the credit facility.
The Company currently has $56 million in borrowings under the Credit Facility. A copy of the amended credit agreement is available on the Companya™s website at [ www.kaynefunds.com/Kyn_othermaterialdocuments.htm ].
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.
