Kayne Anderson Energy Infrastructure Fund Announces Completion of Private Placement

Rhea-AI Summary

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) has successfully completed a private placement worth $65 million, consisting of $45 million in 4.67% Series SS senior unsecured notes and $20 million in 5.07% Series T mandatory redeemable preferred shares. The raised funds will be utilized to refinance existing leverage and for general corporate purposes. KYN aims to provide high after-tax total returns with a focus on cash distributions to its shareholders by investing at least 80% of its assets in Energy Infrastructure Companies.

Positive

• Successful completion of a $65 million private placement.
• Funds will refinance existing leverage, potentially improving financial stability.

Negative

• No immediate revenue-generating developments highlighted.
• Potential risks associated with leverage and market fluctuations.

HOUSTON, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today that it completed its previously announced private placement of $45 million of 4.67% Series SS senior unsecured notes and $20 million of 5.07% Series T mandatory redeemable preferred shares. These proceeds will be used to refinance existing leverage and for general corporate purposes.

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.

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.

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 Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or 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 Company’s investment objectives will be attained.

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

FAQ

What did Kayne Anderson Energy Infrastructure Fund announce on August 2, 2022?

On August 2, 2022, Kayne Anderson Energy Infrastructure Fund announced the completion of a $65 million private placement.

What are the terms of the notes and preferred shares issued by KYN?

KYN issued $45 million of 4.67% Series SS senior unsecured notes and $20 million of 5.07% Series T mandatory redeemable preferred shares.

How will the proceeds from the private placement be used?

The proceeds will be used to refinance existing leverage and for general corporate purposes.

What is the investment objective of Kayne Anderson Energy Infrastructure Fund?

KYN aims to provide high after-tax total returns with an emphasis on cash distributions to stockholders.

What percentage of KYN's assets is invested in Energy Infrastructure Companies?

KYN intends to invest at least 80% of its total assets in securities of Energy Infrastructure Companies.