HOUSTON -- (Business Wire)
Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE:KMF)
announced today that it has entered into a $50 million unsecured
revolving credit agreement (the “Bank Facility”) with Sumitomo Mitsui
Banking Corporation. The Bank Facility has a five-year commitment
terminating on July 25, 2019. When combined with the Fund’s existing
revolving credit facility, the Bank Facility increases the Fund’s
revolving credit commitments to $155 million.
Borrowings under the Bank Facility will bear interest at a rate of
1-month LIBOR plus 1.30%. The fund will pay a commitment fee of 0.25%
per annum on any unused amounts of the Bank Facility. A copy of the
credit agreement is available on the Fund’s website at www.kaynefunds.com/kmf/other-material-documents.
Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified,
closed-end management investment company registered under the Investment
Company Act of 1940, whose common stock is traded on the New York Stock
Exchange. The Fund’s investment objective is to provide a high level of
total return with an emphasis on making quarterly cash distributions to
its stockholders by investing at least 80% of its total assets in
securities of companies in the Midstream/Energy Sector, consisting of:
(a) Midstream Master Limited Partnerships (“MLPs”), (b) Midstream
Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund
anticipates that the majority of its investments will consist of
investments in Midstream MLPs and Midstream Companies. See Glossary of
Key Terms on page ii of the Prospectus for definitions of certain key
terms.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the U.S.
federal securities laws. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "will" and similar
expressions identify forward-looking statements, which generally are not
historical in nature. Forward-looking statements are subject to certain
risks and uncertainties that could cause actual results to differ from
the Fund’s historical experience and its present expectations or
projections indicated in any forward-looking statements. These risks
include, but are not limited to, changes in economic and political
conditions; regulatory and legal changes; MLP industry risk; leverage
risk; valuation risk; interest rate risk; tax risk; and other risks
discussed in the Fund’s filings with the SEC. You should not place undue
reliance on forward-looking statements, which speak only as of the date
they are made. The Fund undertakes no obligation to publicly update or
revise any forward-looking statements made herein. There is no assurance
that the Fund’s investment objective will be attained.
Contacts:
KA Fund Advisors, LLC
Monique Vo, 877-657-3863
http://www.kaynefunds.com
Source: Kayne Anderson Midstream/Energy Fund, Inc.
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