At a glance
- The coupon and redemption date were not disclosed.
- The shares were sold privately and are not registered under the Securities Act of 1933.
- The preferred shares rank ahead of the common stock and must be redeemed on a set date, adding a claim senior to common holders.
Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) completed a $15 million private placement of mandatory redeemable preferred shares, the closed-end fund said in an Oct. 30 release.
The coupon and redemption date were not disclosed. The fund said it will use net proceeds to refinance existing leverage and for general corporate purposes. The shares were sold privately and are not registered under the Securities Act of 1933. They may not be offered or sold in the United States absent registration or an exemption.
The preferred shares rank ahead of the common stock and must be redeemed on a set date, adding a claim senior to common holders. The portion of the proceeds used to refinance existing leverage replaces borrowings already on the balance sheet rather than funding new assets.
Reported by the Fundraising desk from GlobeNewswire — Finance. Published . Corrections