Kayne Anderson closes $150 million five-year term loan with Sumitomo

By Susanna Moon

Chicago, Feb. 18 - Kayne Anderson MLP Investment Co. said it obtained a $150 million five-year unsecured term loan credit facility with Sumitomo Mitsui Banking Corp.

Interest on the term loan will be Libor plus 130 basis points.

Proceeds will be used to make new portfolio investments, to repay outstanding debt and for general corporate purposes.

Kayne may draw under the term loan at any time until Feb. 18, 2015, at which point the unused portion of the commitment will terminate, according to a company press release.

There were no borrowings under the term loan as of Tuesday.

The loan matures on Feb. 18, 2019.

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

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