Kayne Anderson Energy Development entered into a $60 million secured term loan and a $70 million secured revolving facility. The Bank of Nova Scotia served as administrative agent and syndication agent.

The four-year term loan matures on August 11, 2021, and the revolving credit facility has a two-year commitment maturing on August 11, 2019. The term loan and revolving credit facility replace the company’s $120 million revolving credit facility and $70 million term loan, which were set to mature on August 28, 2017 and August 28, 2018, respectively.

The company will pay a fixed interest rate of 3.06% on $30 million of the term loan during the four-year term. The remaining $30 million of the term loan will accrue interest daily at a rate equal to LIBOR + 1.40%. Outstanding loan balances on the revolving credit facility will accrue interest daily at a rate equal to LIBOR + 1.25%. The company will also pay a 0.30% commitment fee on any unused amounts under the revolving credit facility. As of August 11, 2017, the company had $60 million borrowed on the term loan and $10 million borrowed on the revolving credit facility.

Kayne Anderson Energy Development is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940.