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Macquarie Infrastructure offers to repurchase all 2% convertibles
Chicago, Sept. 23 – Macquarie Infrastructure Corp. is offering to purchase all $34,039,000 outstanding 2% convertible senior notes due 2023, the company announced in a press release.
The company is offering to pay par plus interest.
The repurchase offer is mandated as part of the terms and conditions of the notes because the sale of the company’s Atlantic Aviation business on Sept. 23 constitutes a fundamental change.
When there is a fundamental change, noteholders have the right to require the company to repurchase the notes at par.
Holders may surrender their notes until 11:59 p.m. ET on Oct. 21.
The fundamental repurchase date is Oct. 22, subject to extension.
If the date is not extended, the amount payable will be $1,001.17 per note.
Settlement will occur promptly.
Noteholders also have the option to convert the notes at the conversion ratio then in effect, subject to the company’s preferred settlement method. Currently, the conversion rate is 12.65272 common units per $1,000 note.
The company prefers to settle the notes in cash, not shares.
The offer to repurchase contains a comparison of the amount holders would currently receive if they elected to convert their notes or if they decide to participate in the fundamental change repurchase right.
A cash distribution is being paid to shareholders in connection with the sale and will result in the conversion ratio change that has not been announced yet.
Wells Fargo Bank, NA is the trustee, paying agent and conversion agent (800 344-5128, bondholdercommuications@wellsfargo.com).
New York-based Macquarie owns, operates and invests in a diversified group of infrastructure businesses that provide basic services.
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