Form 4: Principal Life Insurance Co. Reports Redemption of Kayne Anderson Energy Infrastructure Fund Shares

Principal Life Insurance Co. reports the full redemption of its Series V Mandatory Redeemable Preferred Shares in Kayne Anderson Energy Infrastructure Fund, Inc.

Summary

• Principal Life Insurance Co. has filed a Form 4 indicating a change in beneficial ownership of Kayne Anderson Energy Infrastructure Fund, Inc. shares.
• The filing reports the full redemption of 160,000 Series V Mandatory Redeemable Preferred Shares.
• The shares were redeemed by the issuer at their original purchase price of $25.00 per share, plus accrued and unpaid dividends.
• Principal Life Insurance Company and Principal Global Investors disclaim beneficial ownership of the shares, except to the extent of their pecuniary interest.
• The filing also lists the remaining holdings of Mandatory Redeemable Preferred Shares in Series W, R, S, and T.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction (redemption of preferred shares) with no indication of significant positive or negative sentiment. It is a standard regulatory filing.

Positives

• The redemption of Series V shares was completed at the original purchase price plus accrued dividends, indicating a return of capital for Principal Life Insurance Co.

Management Comments

• Principal Life Insurance Company and Principal Global Investors expressly disclaim any beneficial ownership of the shares, except to the extent of its pecuniary interest therein, pursuant to Section 16.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership, which is common in the investment management industry. It reflects the ongoing management of investment portfolios by institutional investors.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders, as mandated by the SEC.
• The redemption of preferred shares at a set price plus dividends is a typical feature of such securities, aligning with industry norms for preferred stock.

Stakeholder Impact

• The redemption of shares has a direct impact on Principal Life Insurance Co.'s investment portfolio.
• The redemption does not appear to have a significant impact on other stakeholders.

Key Dates

Keywords

Form 4, Beneficial Ownership, Redemption, Preferred Shares, Kayne Anderson Energy Infrastructure Fund, Principal Life Insurance