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We Knew it Had To Happen and It Has

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 announcement is here.

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).

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