Kayne Anderson Energy Total Return Fund Enters Into $75 Million Revolving Credit Facility
February 16 2018 - 4:42PM
Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”)
(NYSE:KYE) announced today that it has entered into a $75 million
unsecured revolving credit facility (the “Credit Facility”) with a
syndicate of lenders. The Credit Facility has a 364-day term,
maturing on February 15, 2019. The Credit Facility replaces the
Fund’s $75 million unsecured revolving credit facility that was
scheduled to mature on February 28, 2018.
The interest rate on outstanding borrowings under the Credit
Facility may vary between LIBOR plus 1.30% and LIBOR plus 1.95%,
depending on the Fund’s asset coverage ratios. Based on the Fund’s
current asset coverage ratios, the interest rate would be one-month
LIBOR plus 1.30%. The Fund will pay a commitment fee of 0.20% on
any unused amounts of the Credit Facility. As of February 15, 2018,
the Fund had $9 million borrowed under the Credit Facility.
A copy of the new credit agreement is available on the Fund’s
website at www.kaynefunds.com/kye/other-material-documents.
Kayne Anderson Energy Total Return 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 NYSE. KYE’s investment objective is to obtain a high
total return with an emphasis on current income by investing
primarily in securities of companies engaged in the energy
industry, principally including publicly-traded energy-related
master limited partnerships and limited liability companies taxed
as partnerships and their affiliates, and other companies that
derive at least 50% of their revenues from operating assets used
in, or providing energy-related services for, the exploration,
development, production, gathering, transportation, processing,
storing, refining, distribution, mining or marketing of natural
gas, natural gas liquids (including propane), crude oil, refined
petroleum products, coal or electricity.
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 materially 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; energy industry risk; commodity
pricing risk; leverage risk; valuation risk; non-diversification
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 objectives will be
attained.
Contact:
KA Fund Advisors, LLC 877-657-3863http://www.kaynefunds.com/
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