Kayne Anderson Energy Infrastructure Fund Enters Into $200 Million Revolving Credit Facility
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) announced the establishment of a $200 million unsecured revolving credit facility, which will mature on February 24, 2023.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) announced the establishment of a $200 million unsecured revolving credit facility, which will mature on February 24, 2023. This replaces a previous $170 million facility maturing on February 25, 2022. The new facility features an interest rate ranging from SOFR plus 1.40% to SOFR plus 2.25%, based on asset coverage ratios, with current borrowings of $77 million. The company aims to provide high after-tax total returns by investing primarily in Energy Infrastructure Companies.
Positive
- Established a $200 million unsecured revolving credit facility, enhancing financial flexibility.
- Replaced an older $170 million facility, potentially lowering financial costs depending on asset coverage.
Negative
- Current borrowings of $77 million may indicate reliance on debt financing.
Details
News Market Reaction – KYN
The recorded move for KYN in the trading session of this news was +2.97%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HOUSTON, Feb. 25, 2022 (GLOBE NEWSWIRE) -- Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) announced today that it that it has entered into a
The interest rate on outstanding borrowings under the Credit Facility may vary between SOFR plus
A copy of the credit agreement is available on the Company’s website at www.kaynefunds.com/kyn.
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
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.