Kayne Anderson Energy Infrastructure Fund Announces Completion of Private Placement of $70 Million of Senior Notes

Rhea-AI Summary

On May 11, 2021, Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) announced the completion of a private placement totaling $70 million. This includes $50 million in Series PP floating rate notes and $20 million in Series QQ notes at 1.81%. The proceeds will primarily be utilized to refinance existing leverage and for general corporate purposes. KYN aims for high after-tax total returns, focusing on investments in energy infrastructure companies, with at least 80% of total assets allocated to this sector.

HOUSTON, May 11, 2021 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today that it completed its previously announced private placement of $50 million of Series PP floating rate notes and $20 million of 1.81% Series QQ notes. Proceeds from the Series PP and QQ issuances 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 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 Company’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 Company’s investment objectives will be attained.

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

FAQ

What is the recent financial announcement from KYN?

KYN announced the completion of a $70 million private placement including $50 million in Series PP floating rate notes and $20 million in Series QQ notes.

How will KYN use the proceeds from the notes issuance?

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

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

KYN focuses on investing at least 80% of its total assets in energy infrastructure companies.

When was the private placement announcement made by KYN?

The announcement was made on May 11, 2021.