Kayne Anderson extends facility, enters into $70 million term loan

By Tali Rackner

Norfolk, Va., Sept. 2 – Kayne Anderson Energy Development Co. amended its secured credit facility by entering into a $70 million secured term loan, according to a press release.

Borrowings under the term loan bear interest at one-month Libor plus 135 basis points. Interest on the revolving credit facility remains unchanged at one-month Libor plus 160 bps.

The term loan matures on Aug. 28, 2018, and as part of the amendment to the credit facility, the maturity date of the revolving facility was extended to Aug. 28, 2017.

Proceeds were used to partially repay amounts borrowed on the company’s existing $120 million secured revolving credit facility.

As of Aug. 28, Kayne Anderson had $43 million borrowed on its revolving facility and $77 million of undrawn capacity.

The Houston-based, non-diversified, closed-end investment company seeks to generate current income and capital appreciation primarily through investments in securities of companies that derive most of their revenue from activities in the energy industry.

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