Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers K > Headlines for Kayne Anderson Energy Development Co. > News item |
Kayne Anderson extends facility, enters into $70 million term loan
By Tali Rackner
Norfolk, Va., Sept. 2 – Kayne Anderson Energy Development Co. amended its secured credit facility by entering into a $70 million secured term loan, according to a press release.
Borrowings under the term loan bear interest at one-month Libor plus 135 basis points. Interest on the revolving credit facility remains unchanged at one-month Libor plus 160 bps.
The term loan matures on Aug. 28, 2018, and as part of the amendment to the credit facility, the maturity date of the revolving facility was extended to Aug. 28, 2017.
Proceeds were used to partially repay amounts borrowed on the company’s existing $120 million secured revolving credit facility.
As of Aug. 28, Kayne Anderson had $43 million borrowed on its revolving facility and $77 million of undrawn capacity.
The Houston-based, non-diversified, closed-end investment company seeks to generate current income and capital appreciation primarily through investments in securities of companies that derive most of their revenue from activities in the energy industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.