Kayne Anderson enters two-year $150 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, March 1 – Kayne Anderson MLP Investment Co. entered into a two-year $150 million revolving credit facility, according to a Tuesday press release.

The revolver replaces the company’s $250 million unsecured revolving credit facility that was scheduled to mature on March 4.

Borrowings under the new revolver bear interest at Libor plus a margin of 160 basis points to 225 bps, depending on asset coverage ratios. Based on current asset coverage ratios, the margin would be 160 bps, but the company has no amounts drawn under the facility, according to the release.

There is an unused fee of 30 bps.

The new revolver matures Feb. 28, 2018.

Commitments are immediately available, subject to Kayne Anderson’s compliance with the terms of the agreement, including a condition to borrowing that the company’s net assets must be in excess of a minimum net asset value threshold. Subject to certain adjustments, the threshold was equal to 50% of the company’s net assets as of Monday.

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

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