Kayne Anderson increases revolver to $95 million by adding new lender

By Toni Weeks

San Luis Obispo, Calif., March 13 - Kayne Anderson Energy Development Co. said it amended its secured revolving credit facility, increasing total commitments to $95 million from $85 million.

The increased amount was accomplished by adding a new lender, Bank of Nova Scotia, to the syndicate.

All other terms of the credit facility remain the same, the company said in a press release. The facility matures March 30, 2014, and loan balances accrue interest at Libor plus 200 basis points. If borrowings exceed the borrowing base attributable to traded securities, the margin will increase to 300 bps. There is also an unused fee of 50 bps.

As of March 11, Kayne Anderson had $68 million in borrowings under the credit facility, the release noted.

SunTrust Bank is the administrative agent.

The non-diversified, closed-end investment company seeks to generate current income and capital appreciation by investing at least 80% of its assets, plus any borrowings for investment purposes, in securities of companies that derive the majority of their revenue from activities in the energy industry.

Houston-based KA Fund Advisors, LLC is the investment adviser.

© 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.