Kayne Anderson Energy gets $60 million term loan, $70 million revolver

By Marisa Wong

Morgantown, W.Va., Aug. 14 – Kayne Anderson Energy Development Co. announced it entered into a $60 million secured term loan due Aug. 11, 2021 and a $70 million secured revolving facility maturing on Aug. 11, 2019.

The facilities replace the company’s $120 million revolver and $70 million term loan, which were set to mature on Aug. 28, 2017 and Aug. 28, 2018, respectively.

The company will pay a fixed interest rate of 3.06% on $30 million of the term loan during the four-year term. The remaining $30 million will accrue interest daily at a rate equal to Libor plus 140 basis points.

Outstanding loan balances on the revolver will accrue interest daily at a rate equal to Libor plus 125 bps. The company will also pay a 30-bps commitment fee on any unused amounts under the revolver.

As of Aug. 11, the company had borrowed $60 million on the term loan and $10 million under the revolver, according to a Monday press release.

Kayne Anderson is a closed-end investment company based in Houston.

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