By Lisa Kerner
Charlotte, N.C., Sept. 24 – Kayne Anderson Energy Total Return Fund, Inc. announced a conditional agreement to privately place $70 million of unsecured notes with an institutional investor.
The notes will have a seven-year maturity and pay interest at a rate of 3.36% per annum, according to a company news release.
Kayne Anderson expects the issue to close on or before Oct. 15.
This will be the first issuance under a three-year, $175 million uncommitted private shelf facility provided by the institutional investor.
Proceeds will be used to refinance debt, to make new portfolio investments and for general corporate purposes.
The notes will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Kayne Anderson is a Houston-based, non-diversified, closed-end investment company.
| Issuer: | Kayne Anderson Energy Total Return Fund, Inc.
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| Issue: | Unsecured notes
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| Amount: | $70 million
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| Coupon: | 3.36%
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| Maturity: | Seven years
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| Announced: | Sept. 24
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| Closing: | On or before Oct. 15
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| Distribution: | Private placement
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