By Jennifer Chiou
New York, June 16 - Kayne Anderson MLP Investment Co. announced the completion of two private placements of unregistered common stock for total proceeds of $35.85 million.
The company issued a total of 1.5 million shares to members of the senior management of Inergy Holdings, LP and Magellan Midstream Partners, LP for $23.90 apiece.
The shares were issued based on a 5% discount to the five-day volume-weighted average price before the closing date of each transaction.
At the same time, the company purchased $26.3 million of Inergy common units and $9.9 million of Magellan common units owned by the senior management members involved in the placements.
The non-diversified, closed-end management investment company is based in Houston.
Issuer: | Kayne Anderson MLP Investment Co.
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Issue: | Common stock
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Amount: | $35.85 million
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Shares: | 1.5 million
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Price: | $23.90
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Investors: | Inergy Holdings, LP and Magellan Midstream Partners, LP
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Distribution: | Private placement
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Announcement date: | June 16
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Stock symbol: | NYSE: KYN
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Stock price: | $25.79
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Market capitalization: | $1.51 billion
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