Macquarie Infrastructure Corporation announced today an underwritten public offering of $325.0 million of convertible senior notes due 2023. In addition, MIC expects to grant the underwriters a 30-day option to purchase up to $48.75 million of additional convertible notes solely to cover over-allotments. The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission on April 5, 2016.
The Company expects to use the net proceeds from the offering for general corporate purposes, including, but not limited to, the closing of the proposed acquisition of the aviation facility at Stewart Airport in New York; the expansion of the Company’s Bayonne Energy Center by 130 megawatts; the closing of the proposed acquisition of the 80 megawatt Utah Red Hills solar power facility; the repayment of the outstanding balance on the Company’s senior secured revolving credit facility; and, if the refinancing of the existing senior secured credit agreement of the Company’s Atlantic Aviation business is completed, the Company intends to use the net proceeds of the offering, in part, to repay a portion of the drawn revolving loan balance under the new Atlantic Aviation senior secured credit agreement.
J.P. Morgan and Barclays are acting as joint book-running managers for the offering.
This press release is neither an offer to sell nor a solicitation of an offer to buy the securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of any such state or jurisdiction.
The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from J.P. Morgan, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by telephone at 1-866-803-9204 or by email at prospectus-eq_fi@jpmchase.com or from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-888-603-5847 or by email at barclaysprospectus@broadridge.com.
