Kayne Anderson Energy Development Company (the "Company" or "KED") announced today that it renewed its secured revolving credit facility (the "Credit Facility") and increased the total commitment amount from $95 million to $120 million by adding three new lenders to the syndicate.

SunTrust served as Administrative Agent, Citbank as Syndication Agent, UBS Securities and The Bank of Nova Scotia served as Co-Documentation Agents, and SunTrust Robinson Humphrey served as Arranger and Book Manager

The new Credit Facility has a three-year commitment, maturing on January 28, 2017, and outstanding loan balances accrue interest daily at a rate equal to LIBOR plus 1.60% (previously LIBOR plus 2.00%), based on the current borrowings and the current borrowing base. If borrowings exceed the borrowing base attributable to "quoted" securities (generally defined as equity investments in public MLPs and investments in bank debt and high yield bonds which are traded), the interest rate will increase to LIBOR plus 3.00%. The Company pays a commitment fee of 0.30% (previously 0.50%) on any unused amounts of the Credit Facility.

The maximum amount that the Company can borrow under the Credit Facility is limited to the lesser of its commitment amount of $120 million and its borrowing base. The Company's borrowing base, subject to certain limitations, is generally calculated by multiplying the fair value of each of the Company's investments by an advance rate. The total contribution to the Company's borrowing base from private MLPs is limited to no more than 25% of the total borrowing base, and there is a $12 million limit on the borrowing base contribution from any single issuer.

As of January 28, 2014, the Company had $84 million in borrowings outstanding under the Credit Facility. As of this same date, the Company's borrowings represented 40.9% of its borrowing base of $205.5 million (41.0% of its borrowing base of $204.9 million attributable to quoted securities).