Kayne Anderson Midstream/Energy Fund, Inc. Completes its Planned Leverage Reduction and Provides an Update on its Balance Sheet
Kayne Anderson NextGen Energy & Infrastructure, Inc. (KMF)
US:NYSE Investor Relations:
kaynefunds.com/kmf/fact-sheet
Company Research
Source: GlobeNewswire
HOUSTON, April 27, 2020 (GLOBE NEWSWIRE) -- Kayne Anderson Midstream/Energy Fund, Inc. (NYSE: KMF) (the “Fund”) announced today that is has completed its planned reduction in leverage levels. On April 24, 2020, the Fund utilized a portion of its cash on hand to redeem $70 million of unsecured senior notes (“Notes”) and $35 million of mandatory redeemable preferred shares (“MRP Shares”). These negotiated repurchases were the result of constructive discussions between the Fund and its note holders and preferred investors. As a result of these repurchases, the Fund is currently in compliance with all the applicable 1940 Act leverage tests as well as the covenants on its debt agreements and terms of its preferred stock. The Fund’s previously announced distribution of $0.075 per share will be paid on April 30, 2020. In response to the market volatility experienced during March and April, the Fund has reduced leverage by approximately $149 million, or 54%, relative to February levels. Ma
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