Kayne Anderson to offer $100 million mandatorily redeemable preferreds

By Stephanie N. Rotondo

Portland, Ore., March 14 - Kayne Anderson MLP Investment Co. is looking to sell at least $100 million of series E mandatorily redeemable preferreds.

Price talk is around 4.375%, according to a trader.

Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunning managers, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.

The preferreds must be redeemed on April 1, 2019. The company has the option to redeem the preferreds after the first anniversary of issuance at 102% of par plus accrued dividends.

Dividends are payable monthly beginning May 1.

Kayne will list the preferreds on the New York Stock Exchange under the ticker symbol "KYNPE."

Proceeds will be used to make investments in portfolio companies in accordance with the company's investment objectives and policies, to repay debt, to purchase up to $10 million of its series A mandatorily redeemable preferreds and for general corporate purposes.

Kayne Anderson is a non-diversified, closed-end management investment company based in Houston.

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