Kayne Anderson MLP Investment Company Completes $450 Million Private Placement of Senior Unsecured Notes

HOUSTON, TX, Jun 19 (MARKET WIRE) --
Kayne Anderson MLP Investment Company (the "Company") (NYSE: KYN)
announced today that it has completed a private placement of $450
million, aggregate principal amount, of senior unsecured fixed and
floating rate notes (the "Senior Unsecured Notes") to institutional
accredited investors. The proceeds from the private placement combined
with borrowings under the Company's credit facility will be used to
redeem all $505 million aggregate principal amount of the Company's
outstanding auction rate senior notes ("ARNs") between July 7 and 14,
2008. Investors in the private placement include MetLife, Massachusetts
Mutual Life Insurance Company, Prudential Capital Group, Sun Life
Financial and Delaware Investments.

The table below sets forth the key terms of each series of the Senior
Unsecured Notes:

Series Principal Fixed / Floating Rate Maturity
---------------------------------------------------------------------------
G $75,000,000 Fixed 5.645% 6/19/2011
H 25,000,000 Floating 3-month LIBOR + 225 bps 6/19/2011
I 60,000,000 Fixed 5.847% 6/19/2012
J 40,000,000 Floating 3-month LIBOR + 225 bps 6/19/2012
K 125,000,000 Fixed 5.991% 6/19/2013
L 125,000,000 Floating 3-month LIBOR + 230 bps 6/19/2013
---------------------------------------------------------------------------
Total $450,000,000

Based on a 3-month LIBOR rate of 2.80% on June 18, 2008, the weighted
average cost of the Senior Unsecured Notes is 5.53%.

Redemption of the Company's $505 million in ARNs will be financed with the
net proceeds from the $450 million Senior Unsecured Notes offering and $59
million in borrowings under the Company's credit facility. Outstanding
loan balances on the credit facility accrue interest daily at a rate equal
to the 1-month LIBOR plus 1.65%, and the Company pays a commitment fee at
an annual rate of 0.50% on any unused amounts of the credit facility.
Based on LIBOR rates as of June 18, 2008, the weighted average cost of the
Senior Unsecured Notes and amounts borrowed under the credit facility is
5.37% (5.51% including the commitment fee).

"We are pleased with this cost-effective and long-term financing as it
provides liquidity to the holders of our ARNs and continues to provide the
benefits of leverage to our common shareholders," said Kevin McCarthy, CEO
and President of the Company.

Kayne Anderson MLP Investment Company is a non-diversified, closed-end
management investment company registered under the Investment Company Act
of 1940, whose common stock is traded on the NYSE. The Company's
investment objective is to obtain a high after-tax total return by
investing at least 85% of its total assets in energy-related master
limited partnerships and their affiliates, and in other companies that,
as their principal business, operate assets used in the gathering,
transporting, processing, storing, refining, distributing, mining or
marketing natural gas, natural gas liquids (including propane), crude
oil, refined petroleum products or coal.

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 Company'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 Company'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 Company undertakes no obligation to publicly update or revise
any forward-looking statements made herein. There is no assurance that
the Company's investment objectives will be attained.

CONTACT:
KA Fund Advisors, LLC
Monique Vo
877-657-3863
http://www.kaynefunds.com

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