Macquarie Infrastructure Company LLC (the “Company” or “MIC”) (NYSE:MIC) announced today the pricing of an underwritten public offering of 10,000,000 LLC interests, or shares, at a price to the public of $66.50 per share.
MIC has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares. The offering is being made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission on April 8, 2013, as amended, and is expected to close on July 15, 2014, subject to customary closing conditions.
The Company also announced the pricing of $305.0 million of convertible senior notes due July 2019 at a conversion premium of 27.5% over the public offering price of the shares of $66.50. The convertible senior notes will yield 2.875% and will be convertible solely into shares of MIC. The size of the offering has been increased from $250.0 million to $305.0 million. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional $45.0 million of convertible senior notes.
The Company expects to use the net proceeds from each of the offerings, together with the issuance of $115.0 million of shares to the sellers of International-Matex Tank Terminals, or IMTT, to acquire the remainder of IMTT that it does not currently own. The balance of any net proceeds from the offerings will be used for general corporate purposes. MIC acquired its existing 50% stake in IMTT in May of 2006.Barclays, J.P. Morgan, Macquarie Capital, RBC Capital, SunTrust Robinson Humphrey and Wells Fargo Securities are acting as joint book-running managers for the offerings. This press release is neither an offer to sell nor a solicitation of an offer to buy LLC interests or convertible senior notes, nor shall there be any sale of LLC interests or convertible senior notes 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.