Kayne Anderson Midstream/Energy Fund enters into $50m unsecured bank facility

Kayne Anderson Midstream/Energy Fund, Inc. announced last week that it has entered into a $50 million unsecured revolving credit agreement with Sumitomo Mitsui Banking Corporation.

The Bank Facility has a five-year commitment terminating on July 25, 2019. When combined with the Fund's existing revolving credit facility, the Bank Facility increases the Fund's revolving credit commitments to $155 million.

Borrowings under the Bank Facility will bear interest at a rate of 1-month LIBOR plus 1.30%. The fund will pay a commitment fee of 0.25% per annum on any unused amounts of the Bank Facility.

Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, whose common stock is traded on the New York Stock Exchange.

The Fund's investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its stockholders by investing at least 80% of its total assets in securities of companies in the Midstream/Energy Sector, consisting of:

• Midstream Master Limited Partnerships ("MLPs"),
• Midstream Companies,
• Other MLPs and
• Other Energy Companies.

The fund anticipates that the majority of its investments will consist of investments in Midstream MLPs and Midstream Companies.