February 15, 2018 / 9:35 PM / 4 months ago

BRIEF-Kayne Anderson Announces Proposed Merger

Feb 15 (Reuters) - Kayne Anderson Mlp Investment Co:

* KAYNE ANDERSON ANNOUNCES PROPOSED MERGER OF KAYNE ANDERSON MLP INVESTMENT COMPANY AND KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY

* ‍INTENDS TO PAY A DISTRIBUTION AT ITS CURRENT ANNUALIZED RATE OF $1.80 PER SHARE OVER NEXT 12 MONTHS​

* ‍KED STOCKHOLDERS WOULD HAVE RECEIVED APPROXIMATELY 0.96 SHARES OF KYN FOR EACH SHARE OF KED​

* ‍KAYNE ANDERSON MLP INVESTMENT COMPANY WILL CHANGE ITS NAME TO KAYNE ANDERSON MLP/MIDSTREAM INVESTMENT COMPANY​

* ‍KYN EXPECTS TO REALIZE APPROXIMATELY $1.5 MILLION OF COST SAVINGS ANNUALLY AS A RESULT OF MERGER​

* ‍KAYNE ANDERSON WILL ESTABLISH NEW MANAGEMENT FEE WAIVERS FOR KYN​

* ‍MERGER IS NOT EXPECTED TO BE TAXABLE TO STOCKHOLDERS OF EITHER KYN OR KED​

* ‍KYN WILL CONTINUE TO PAY DISTRIBUTIONS ON A QUARTERLY BASIS UNTIL MERGER CLOSES​

* ‍KYN INTENDS TO BEGIN PAYING DISTRIBUTIONS ON A MONTHLY BASIS AFTER MERGER CLOSES​

* KAYNE ANDERSON MLP INVESTMENT - ‍KAYNE ANDERSON ENERGY DEVELOPMENT STOCKHOLDERS WILL BE ISSUED KAYNE ANDERSON MLP INVESTMENT COMPANY COMMON STOCK​

* KAYNE ANDERSON MLP INVESTMENT - ‍KAYNE ANDERSON MLP INVESTMENT WILL ACQUIRE SUBSTANTIALLY ALL ASSETS, LIABILITIES OF KAYNE ANDERSON ENERGY DEVELOPMENT Source text for Eikon: Further company coverage:

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