By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – Kayne Anderson MLP Investment Co. completed a private placement of $50 million of series J mandatory redeemable preferred shares with an institutional investor, according to a company news release.
The company reached a conditional agreement with an institutional investor for the placement on Aug. 12. The placement settled Wednesday.
The series J preferreds have a five-year maturity and pay quarterly cash dividends at a rate of 3.36% per annum.
Proceeds will be used to refinance existing debt and for general corporate purposes, according to a news release.
Kayne Anderson MLP Investment is a Houston-based non-diversified, closed-end management company that invests in energy-related master limited partnerships.
| Issuer: | Kayne Anderson MLP Investment Co.
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| Issue: | Series J mandatory redeemable preferred shares
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| Amount: | $50 million
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| Coupon: | 3.36%
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| Maturity: | Five years
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| Pricing date: | Aug. 12
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| Settlement date: | Sept. 7
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| Distribution: | Private placement
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