CEF Kayne Anderson MLP (KYN) has announced the redemption of their KYN-F 3.50% Mandatory Redeemable Preferred.
I hate to see it go–but we all knew it was coming–by 4/15/2020 at the latest as that is when it was mandatory.
The redemption date is 2/13/2020. So with this date the issue has a value of about $25.10 ($25 plus a January payment and 12 days in February).
The company will use proceeds from a private placement of preferreds to redeem the shares.
Disclosure–I hold somewhere around 1100 shares of this issue unless a GTC executed today (no such luck I am sure).