Macquarie Infrastructure (MIC) - Get Report set plans to sell 7.5 million shares in a follow-on offering.

The New York-based company said it expects to raise $212.5 million in the offering, which comes under a previous shelf registration.

Macquarie said it will use proceeds to pay off its acquisition-related term loan and to reduce borrowings under its acquisition-related revolving credit facility. The company said it will have $227 million of availability under its revolving credit facility that can be used to fund future acquisitions.

Merrill Lynch, Citigroup, Credit Suisse, A.G. Edwards, Jefferies, Macquarie Securities and Stifel Nicolaus are the underwriters for the offering. Merrill Lynch, Citigroup and Credit Suisse are joint book running managers.