By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Kayne Anderson MLP/Midstream Investment Co. said it reached a conditional agreement with institutional investors for the private placement of $200 million of series L, M and N mandatory redeemable preferred shares.
The $100 million of series L preferreds mature on Feb. 11, 2027 and pay quarterly cash dividends at a rate of 3.38% per annum. They will be issued on Feb. 11.
The $75 million of series M preferreds mature on Feb. 11, 2030 and pay quarterly cash dividends at a rate of 3.6% per annum. They will also be issued on Feb. 11.
And the $25 million of series N preferreds mature on May 12, 2030 and pay quarterly cash dividends at a rate of 3.65% per annum. They will be issued on May 12, 2020.
Proceeds will be used to refinance existing debt.
Kayne Anderson MLP Investment is a Houston-based non-diversified, closed-end management company that invests in energy-related master limited partnerships.
| Issuer: | Kayne Anderson MLP/Midstream Investment Co.
|
| Issue: | Mandatory redeemable preferred shares
|
| Amount: | $200 million
|
| Pricing date: | Nov. 20
|
| Distribution: | Private placement
|
|
|
| Series L
|
| Amount: | $100 million
|
| Coupon: | 3.38%
|
| Maturity: | Feb. 11, 2027
|
| Settlement date: | Feb. 11
|
|
|
| Series M
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| Amount: | $75 million
|
| Coupon: | 3.6%
|
| Maturity: | Feb. 11, 2030
|
| Settlement date: | Feb. 11
|
|
|
| Series N
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| Amount: | $25 million
|
| Coupon: | 3.65%
|
| Maturity: | May 12, 2030
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| Settlement date: | May 12, 2020
|
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