By Stephanie N. Rotondo
Portland, Ore., March 14 - Kayne Anderson MLP Investment Co. priced $120 million of 4.25% series E mandatorily redeemable preferred shares, according to a press release issued Wednesday.
Price talk was around 4.375%, according to a trader. The deal was originally announced earlier in Wednesday's session.
Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the joint bookrunning managers.
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."
Settlement is expected March 21.
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.
| Issuer: | Kayne Anderson MLP Investment Co.
|
| Securities: | Series E mandatorily redeemable preferred shares
|
| Amount: | $120 million, or 4.8 million shares
|
| Dividend: | 4.25%, payable monthly
|
| Price: | $25 per share
|
| Mandatory redemption: | April 1, 2019
|
| Optional redemption: | After the first anniversary of issuance at 102% of par plus accrued dividends
|
| Bookrunners: | Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Wells Fargo Securities LLC
|
| Pricing date: | March 14
|
| Settlement date: | March 21
|
| Expected listing: | NYSE: KYNPE
|
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