Kayne Anderson Energy Development to issue $25 million 3.37% mandatory redeemable preferreds

By Toni Weeks

San Luis Obispo, Calif., March 17 – Kayne Anderson Energy Development Co. said it has reached a conditional agreement with an institutional investor relating to a private placement of $25 million of five-year 3.37% mandatory redeemable preferred shares.

The preferreds will be the first issuance under a three-year, $100 million uncommitted private shelf facility provided by the investor, according to a press release.

Settlement is expected by April 10.

Proceeds will be used to make new portfolio investments and for general corporate purposes.

The Houston-based non-diversified, closed-end investment company invests at least 80% of its net assets in securities of companies that derive the majority of their revenue from activities in the energy industry.

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