SunTrust Agents Kayne Anderson Revolver Increase
Kayne Anderson Energy Development Company (KED) announced that it renewed its secured revolving credit facility and increased the total commitment amount from $95 million to $120 million by adding three new lenders to the syndicate.
According to the company’s 8-K filing, SunTrust Bank served as administrative agent with SunTrust Robinson Humphrey serving as arranger and book manager. Citibank was syndication agent and UBS Securities and the Bank of Nova Scotia served as co-documentation agents in the financing
The new credit facility has a three-year commitment, maturing on January 28, 2017, and outstanding loan balances accrue interest daily at a rate equal to LIBOR plus 1.60% (previously LIBOR plus 2.00%), based on the current borrowings and the current borrowing base.
The maximum amount that the KED can borrow under the facility is limited to the lesser of its commitment amount of $120 million and its borrowing base.