By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – Kayne Anderson Energy Total Return Fund, Inc. plans a private placement of $20 million of series D mandatory redeemable preferred shares, according to a company news release.
The company announced on Wednesday it reached a conditional agreement with an institutional investor for the placement, which is expected to settle on Nov. 29.
The preferreds mature in seven years and pay quarterly cash dividends at a rate of 4.07% per year.
Proceeds will be used to redeem the company’s $30 million of series B mandatory redeemable preferreds.
Kayne Anderson is a Houston-based non-diversified, closed-end investment company.
| Issuer: | Kayne Anderson Energy Total Return Fund, Inc.
|
| Issue: | Series D mandatory redeemable preferred shares
|
| Amount: | $20 million
|
| Dividend rate: | 4.07%
|
| Tenor: | Seven years
|
| Announcement date: | Nov. 8
|
| Settlement date: | Nov. 29
|
| Distribution: | Private placement
|
|
|
© 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.
