MIC has a 50% stake in IMTT, one of the largest bulk liquid storage terminalling businesses in the U.S. The Company received a distribution of $12.0 million from IMTT in December 2012. The distribution for the fourth quarter would ordinarily have been paid in early 2013 but was accelerated into 2012 in light of the legislative stalemate in Washington, D.C. late in the year. All of the distributions due MIC and its co-investor in IMTT through and including the fourth quarter of 2012 have been paid.
The Company facilitated the successful closing of a refinancing of IMTT’s revolving credit facility on February 15, 2013. Under the terms of the refinancing, IMTT’s debt maturity was extended to February 2018 from June 2014 and the size of the facility was increased to $1.04 billion. At closing the drawn balance on the facility was $752.2 million.
MIC shares ownership and control of IMTT with a trust representing the family of the founder of the business. The joint ownership is subject to a Shareholders’ Agreement between the parties. In February the parties agreed to amend the Shareholders’ Agreement and replaced a provision that required the maintenance of reserves equal to the “normal requirements of the business and approved unexpended capital expenditures” with one that specifies reserves of $185.0 million.
The Shareholders’ Agreement was also amended to grant either party the right to seek injunctive relief to enforce the payment of a dividend consistent with the requirements of the Shareholders’ Agreement.MIC owns and operates Atlantic Aviation, a nationwide network of 62 fixed based operations, or FBOs, that provide primarily fuel services to owners and operators of private jet aircraft. Atlantic Aviation is capitalized in part with a debt package that matures in October of 2014. Prior to the maturity or earlier refinance of the debt, a significant portion of the excess cash generated by Atlantic Aviation is being applied to the repayment of debt principal.