Kayne Anderson MLP Investment ( KYN ) said Friday that it entered into a $300 million unsecured revolving credit facility with a syndicate of lenders to replace its $150 million unsecured revolving credit facility, which was set to mature Feb. 15.
The new facility has a 364-day term, maturing Feb. 7, 2020. Drawn funds will bear interest varying between LIBOR plus 1.30% and LIBOR plus 1.95%, based on Kayne Anderson's asset coverage ratios. Currently, interest rate stands at one-month LIBOR plus 1.30%.
As part of the agreement with the lenders, Kayne Anderson will pay a commitment fee of 0.20% on any undrawn amount of the facility.
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