By Stephanie N. Rotondo
Portland, Ore., May 4 - Kayne Anderson MLP Investment Co. priced a $100 million offering of 4.95% series D mandatory redeemable preferred shares, according to a company press release.
The company issued 4 million of the preferreds at $25 each. As previously reported, a market source had heard 2 million preferreds would be sold, with price talk in the 5% area.
The preferreds have a $25 per share liquidation preference and are mandatorily redeemable on June 1, 2018. The company can elect to call the preferreds early after the first anniversary of issuance.
Dividends are payable monthly.
Proceeds will be used to make investments in portfolio companies, to repay debt and for general corporate purposes. Settlement is expected by May 10.
Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC and RBC Capital Markets LLC are the joint bookrunners.
The company applied to list the preferreds on the New York Stock Exchange under the symbol "KYNPRD."
Kayne Anderson is a closed-end investment company with offices in Houston and Los Angeles.
| Issuer: | Kayne Anderson MLP Investment Co.
|
| Securities: | Series D mandatory redeemable preferred stock
|
| Amount: | $100 million
|
| Shares: | 4 million
|
| Price: | $25
|
| Dividends: | 4.95%, payable monthly
|
| Redemption: | Mandatory on June 1, 2018; optional after first anniversary of issuance
|
| Bookrunners: | Merrill Lynch, Citigroup Global Markets Inc., Wells Fargo Securities LLC and RBC Capital Markets LLC
|
| Pricing date: | May 4
|
| Settlement date: | May 10
|
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