News Column

Kayne Anderson Midstream/Energy Fund Enters into $50 Million Unsecured Bank Facility

August 15, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- Kayne Anderson Midstream/Energy Fund, Inc. (the "Fund") (NYSE:KMF) announced that it has entered into a $50 million unsecured revolving credit agreement (the "Bank Facility") with Sumitomo Mitsui Banking Corporation. The Bank Facility has a five-year commitment terminating on July 25, 2019. When combined with the Fund's existing revolving credit facility, the Bank Facility increases the Fund's revolving credit commitments to $155 million.

Borrowings under the Bank Facility will bear interest at a rate of 1-month LIBOR plus 1.30%. The fund will pay a commitment fee of 0.25% per annum on any unused amounts of the Bank Facility. A copy of the credit agreement is available on the Fund's website at Kayne Anderson Midstream/Energy 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 New York Stock Exchange. The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its stockholders by investing at least 80% of its total assets in securities of companies in the Midstream/Energy Sector, consisting of: (a) Midstream Master Limited Partnerships ("MLPs"), (b) Midstream Companies, Other MLPs and (d) Other Energy Companies. The Fund anticipates that the majority of its investments will consist of investments in Midstream MLPs and Midstream Companies. See Glossary of Key Terms on page ii of the Prospectus for definitions of certain key terms. 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 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; MLP industry risk; leverage risk; valuation 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 objective will be attained.

Keywords for this news article include: Finance and Investment, Investment and Finance, Kayne Anderson Midstream/Energy Fund Inc.

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Source: Energy Weekly News

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