Kayne Anderson MLP Investment announced that it entered into a $150 million unsecured term loan credit facility with Sumitomo Mitsui Banking Corp. The five-year term loan matures on February 18, 2019, and borrowings will bear interest at a rate of three-month LIBOR plus 1.30% per annum.
Proceeds will be used to make new portfolio investments, to repay outstanding indebtedness and for general corporate purposes.
The company may borrow under the term loan at any time until February 18, 2015, at which point the unused portion of the commitment will terminate. The company does not have any current borrowings under the term loan.
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.