Kayne Anderson Midstream/Energy Fund gets $100 million revolver

By Angela McDaniels

Tacoma, Wash., Jan. 21 - Kayne Anderson Midstream/Energy Fund, Inc. entered into a $100 million revolving credit facility due Jan. 20, 2014 with a syndicate of lenders, according to a company news release.

The interest rate is one-month Libor plus a spread of 175 basis points to 225 bps. The spread depends on the fund's asset coverage ratios and is currently 175 bps.

There is a 0.35% commitment fee.

The revolver was undrawn at closing. The fund anticipates funding investments with borrowings from this facility over the next two months.

Kayne Anderson is a Houston-based closed-end management investment company that invests in the securities of companies in the midstream/energy sector.

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