Kayne Anderson companies lift revolvers to $100 million, $175 million

By Marisa Wong

Madison, Wis., Oct. 20 - Kayne Anderson Energy Total Return Fund, Inc. announced that it amended its revolving credit facility on Thursday, increasing the total commitment amount to $100 million.

The fund obtained an additional $20 million commitment amount by adding a new lender to the syndicate and receiving increased commitments from existing lenders.

All other terms of the revolver, including the June 11, 2013 maturity date, remain the same.

Outstanding loan balances will continue to accrue interest daily at one-month Libor plus 175 basis points, based on current asset coverage ratios. The interest rate varies between Libor plus 175 bps to Libor plus 300 bps, depending on asset coverage ratios.

The fund will continue to pay a fee of 0.4% on any unused amounts of the revolver.

Kayne Anderson Energy currently has no borrowings under its revolver.

Also on Thursday, Kayne Anderson MLP Investment Co. announced that it increased its revolver by $25 million to $175 million.

Kayne Anderson MLP said the increase in commitment amount was from a new lender added to the syndicate.

The remaining terms of the MLP credit facility are unchanged.

The maturity date remains June 11, 2013, and outstanding loan balances will continue to accrue interest daily at one-month Libor plus 175 bps, based on current asset coverage ratios. Interest may vary between Libor plus 175 bps to Libor plus 300 bps, depending on asset coverage ratios. The company will also continue pay a 0.4% fee on any unused amounts of the credit facility.

Kayne Anderson MLP said it has no borrowings under its credit facility at this time.

Kayne Anderson Energy and Kayne Anderson MLP are Houston-based investment companies.

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