LOS ANGELES, CA - (December 3, 2007) - KA Fund Advisors, LLC
("Kayne Anderson"), which serves as the advisor to Kayne Anderson
MLP Investment Company ("KYN"), Kayne Anderson Energy Total Return
Fund ("KYE") and Kayne Anderson Energy Development Company ("KED")
announced today that Robert G. Phillips has been retained by Kayne
Anderson as a Senior Advisor. In addition, certain of Kayne
Anderson's private equity energy funds have agreed to invest in
Crestwood Midstream Partners, a new limited liability company that
is being formed by Mr. Phillips, Keith Forman, Terry Morrison and
Neel Pinge. Mr. Phillips was previously CEO of the general partner
of Enterprise Products Partners L.P., which is the largest publicly
traded midstream energy MLP. Mr. Forman has agreed to resign from
the Board of Directors of KED as a result of this new business
relationship with Kayne Anderson in order for the majority of KED's
Board to remain independent.
"We are very excited to have someone of Bob's stature and
experience join the Kayne Anderson team. We look forward to being
able to access Bob's advice with respect to both our public and
private investments" stated Kevin McCarthy, CEO and President of
KYN, KYE and KED.
Kayne Anderson MLP Investment Company is a non-diversified,
closed-end management investment company registered under the
Investment Company Act of 1940, whose common stock is traded on the
NYSE. The Company's investment objective is to obtain a high
after-tax total return by investing at least 85% of its total
assets in energy-related master limited partnerships and their
affiliates, and in other companies that, as their principal
business, operate assets used in the gathering, transporting,
processing, storing, refining, distributing, mining or marketing
natural gas, natural gas liquids (including propane), crude oil,
refined petroleum products or coal.
Kayne Anderson Energy Total Return 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 NYSE. The Fund's investment objective is to
obtain a high total return with an emphasis on current income by
investing primarily in securities of companies engaged in the
energy industry, principally including publicly-traded
energy-related master limited partnerships and limited liability
companies taxed as partnerships and their affiliates,
energy-related U.S. and Canadian royalty trusts and income trusts
and other companies that derive at least 50% of their revenues from
operating assets used in, or providing energy-related services for,
the exploration, development, production, gathering,
transportation, processing, storing, refining, distribution, mining
or marketing of natural gas, natural gas liquids (including
propane), crude oil, refined petroleum products or coal.
Kayne Anderson Energy Development Company is a non-diversified,
closed-end investment company that elected to be treated as a
business development company under the Investment Company Act of
1940. The Company's investment objective is to generate both
current income and capital appreciation primarily through equity
and debt investments. The Company will seek to achieve this
objective by investing at least 80% of its net assets together with
the proceeds of any borrowings (its "total assets") in securities
of companies that derive the majority of their revenue from
activities in the energy industry, including: (a) Midstream Energy
Companies, which are businesses that operate assets used to gather,
transport, process, treat, terminal and store natural gas, natural
gas liquids, propane, crude oil or refined petroleum products; (b)
Upstream Energy Companies, which are businesses engaged in the
exploration, extraction and production of natural resources,
including natural gas, natural gas liquids and crude oil, from
onshore and offshore geological reservoirs; and (c) Other Energy
Companies, which are businesses engaged in owning, leasing,
managing, producing, processing and sale of coal and coal reserves;
the marine transportation of crude oil, refined petroleum products,
liquefied natural gas, as well as other energy-related natural
resources using tank vessels and bulk carriers; and refining,
marketing and distributing refined energy products, such as motor
gasoline and propane to retail customers and industrial
end-users.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the
U.S. federal securities laws. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "will" and
similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ from the Company's historical experience
and its present expectations or projections indicated in any
forward-looking statements. These risks include, but are not
limited to, changes in economic and political conditions;
regulatory and legal changes; MLP industry risk; leverage risk;
valuation risk; interest rate risk; tax risk; and other risks
discussed in the Company's filings with the SEC. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements made herein. There is no assurance that the Company's
investment objectives will be attained.
CONTACT:
KA Fund Advisors, LLC
Monique Vo
877-533-1232
http://www.kaynefunds.com