Kayne Anderson Midstream arranges $105 million revolver via JPMorgan

By Toni Weeks

San Luis Obispo, Calif., Nov. 22 - Kayne Anderson Midstream/Energy Fund, Inc. entered into a $105 million unsecured revolving credit facility on Nov. 21, replacing its $100 million unsecured revolver that was set to mature Jan. 20, 2014.

The new facility expires Nov. 21, 2016.

Borrowings will initially accrue interest at one-month Libor plus 150 basis points. The margin varies from 150 bps to 215 bps and is based on asset coverage ratios. The previous facility's interest rate was Libor plus 175 bps to 225 bps, according to a press release.

The unused fee is now 25 bps, down from the 35-bps unused fee in the prior facility.

The fund currently has $45 million in outstanding borrowings, the release said.

JPMorgan Chase Bank, NA is the administrative agent and syndication agent, with J.P. Morgan Securities LLC as lead arranger and bookrunner.

The non-diversified, closed-end management investment company seeks to provide a high level of total return by investing at least 80% of its total assets in securities of companies in the midstream/energy sector. Houston-based Kayne Anderson Fund Advisors, LLC is the investment adviser.

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