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 $200 million unsecured revolving credit facility (the “Credit Facility”) with a syndicate of lenders. The Credit Facility matures on February 24, 2023. The Credit Facility replaces the Company’s $170 million unsecured revolving credit facility that was scheduled to mature on February 25, 2022.
The interest rate on outstanding borrowings under the Credit Facility may vary between SOFR plus 1.40% and SOFR plus 2.25%, depending on the Company’s asset coverage ratios. Based on the Company’s current asset coverage ratios, the interest rate is SOFR plus 1.40%. The Company will pay a commitment fee of 0.20% per annum on any unused amounts of the Credit Facility. As of February 25, 2022, the Company had $77 million of borrowings outstanding under the Credit Facility.
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 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.
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
