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Kayne Anderson NextGen Energy & Infrastructure Enters Into $50 Million Revolving Credit Facility
February 8, 2021
Source: Yahoo Finance
Kayne Anderson NextGen Energy & Infrastructure, Inc. (the “Fund”) (NYSE: KMF) announced today that it has entered into a $50 million unsecured revolving credit facility (the “Credit Facility”) with a syndicate of lenders. The Credit Facility matures on February 25, 2022. The Credit Facility replaces the Fund’s $75 million unsecured revolving credit facility that was scheduled to mature on February 8, 2021.
The interest rate on outstanding borrowings under the Credit Facility may vary between LIBOR plus 1.30% and LIBOR plus 2.15%, depending on the Fund’s asset coverage ratios. Based on the Fund’s current asset coverage ratios, the interest rate is one-month LIBOR plus 1.30%. The Fund will pay a commitment fee of 0.20% per annum on any unused amounts of the Credit Facility. As of February 8, 2021, the Fund had $25 million of borrowings outstanding under the Credit Facility.
A copy of the credit agreement is available on the Fund’s website at www.kaynefunds.com/kmf.
Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) 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 Fund's investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments in ”NextGen” companies, which we define as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund'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.
Contact: Investor Relations at 877-657-3863 or cef@kaynecapital.com
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