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HOUSTON, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today that it reached an agreement with institutional investors relating to a private placement of $70 million of senior unsecured notes (“Notes”) and $30 million of mandatory redeemable preferred shares (“MRP Shares”). The private placement is expected to close on or about September 18, 2024.
Net proceeds will be used to refinance existing leverage and for general corporate purposes. The table below sets forth the key terms of the Notes and MRP Shares to be issued.
| Notes / MRP | Series | Amount | Fixed Interest / | Maturity / Mandatory | |
| Notes | Series YY | $30 | 5.19% | September 2031 | |
| Notes | Series ZZ | $40 | 5.45% | September 2036 | |
| MRP Shares | Series X | $30 | 5.49% | September 2029 | |
| TOTAL |
| $100 |
|
| |
Closing of this transaction is subject to investor due diligence, legal documentation, and other standard closing conditions. The Notes and MRP Shares issued in connection with this private placement will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.
The Company pays cash distributions to common stockholders at a rate that may be adjusted from time to time. Distribution amounts are not guaranteed and may vary depending on a number of factors, including changes in portfolio holdings and market conditions.
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.