Shares are trading on heavy volume with 3.68 million shares changing hands, well above the stock's three month daily average of 251,145 shares.
Barclays (BCS), JPMorgan (JPM), Macquarie, RBC Capital, SunTrust (STI) and Wells Fargo (WFC) will act as joint book running managers for the offering.
Underwriters have been granted a 30 day option to purchase up to an additional 1.5 million shares for the offering which is expected to close on July 15.
The company expects to use the funds it raises from the secondary offering to acquire the remainder of International-Matex Tank Terminals that it does not own.
TheStreet Ratings team rates MACQUARIE INFRASTRUCT CO LLC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MACQUARIE INFRASTRUCT CO LLC (MIC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."