Kayne Anderson MLP Investment Co. (NYSE: KYN) priced the public offering of preferred stock.
The company agreed to sell 2 million shares of series G mandatory redeemable preferred shares at $25 per share. The series G MRP shares will pay cash dividends on a monthly basis at a rate of 4.6% per annum, and will have a mandatory redemption date of Oct. 1, 2021.
The company expects to receive net proceeds of $48.7 million. Net proceeds will be used to make investments in portfolio companies in accordance with its investment objective and policies, to repay indebtedness, and for general corporate purposes. The offering is scheduled to close on Sept. 16.
Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley are joint book-running managers.
Kayne Anderson MLP Investment Co. is a closed ended equity mutual fund launched and managed by KA Fund Advisors LLC. The company is based in Houston.