Kayne Anderson MLP Investment Company announced public offering of shares of its common stock. The offer was for 5,750,000 shares with an underwriter option grant of 45 days. Underwriters for the said transaction were given the option to purchase 862,500 additional shares to cover any over allotments. The appointed joint book running managers for the public offering were Bank of America Merrill Lynch, Morgan Stanley, Citigroup and UBS Investment Bank. The net proceeds of the public offering would be used to make additional portfolio investments. This would be in line to the company's investment objective and policies. The remaining portion of the net proceeds would be used for general corporate purposes.
Kayne Anderson MLP Investment Company is a non-diversified, closed-end management investment firm. The common stock of the company traded on the New York Stock Exchange. Kayne has an investment objective of high after tax total return gains. This would be done after investing at least 85% of its total assets in energy related master limited partnerships (MLPs).
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