Kayne Anderson NextGen Energy & Infrastructure Announces Completion of Private Placement of $12 Million of Mandatory Redeemable Preferred Shares

Rhea-AI Summary

Kayne Anderson NextGen Energy & Infrastructure announced the completion of a $12 million private placement of 2.44% Series J mandatory redeemable preferred shares (MRP Shares). The proceeds from this placement will be allocated to refinance existing leverage, invest in new portfolios, and support general corporate purposes. The Fund aims to provide substantial total returns by focusing on investments in energy and infrastructure companies, particularly those involved in the Energy Transition.

Positive

• Raised $12 million through the private placement of Series J MRP Shares.
• Proceeds will enhance investment capacity and corporate financial stability.

Negative

• None.

HOUSTON, July 28, 2021 (GLOBE NEWSWIRE) -- Kayne Anderson NextGen Energy & Infrastructure, Inc. (the “Fund”) (NYSE: KMF) announced today that it completed its previously announced private placement of $12 million of 2.44% Series J mandatory redeemable preferred shares (“MRP Shares”). Proceeds from the Series J MRP Shares will be used to refinance existing leverage, make new portfolio investments, and for general corporate purposes.

Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) 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 Fund's investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments in ”NextGen” companies, which it defines as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund's most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

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 take into account the specific objectives or circumstances of any investor. Please consult with your investment, tax or legal adviser regarding your individual circumstances prior to investing.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Fund’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or from our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained.

Contact: Investor Relations at 877-657-3863 or cef@kaynecapital.com

FAQ

What was the purpose of Kayne Anderson NextGen Energy & Infrastructure's recent $12 million placement?

The placement was used to refinance existing leverage, make new portfolio investments, and for general corporate purposes.

What is the interest rate of the Series J mandatory redeemable preferred shares issued by KMF?

The Series J MRP Shares have an interest rate of 2.44%.

What investment strategy does Kayne Anderson NextGen Energy & Infrastructure follow?

The Fund focuses on investing at least 80% of its total assets in securities of energy and infrastructure companies, particularly those benefiting from the Energy Transition.