Macquarie gets $140 million in loans to refinance existing facilities

By Tali Rackner

Norfolk, Va., Oct. 6 – Macquarie Infrastructure Corp. received commitments for the refinancing of portions of the debt of its Hawaii Gas business, according to a press release.

The business has received binding commitments from lenders for the refinancing of its existing $80 million term loan and $60 million revolving credit facility.

The new, five-year facilities include a reduction in interest rates on the term loan and revolving credit facilities of 50 basis points and 25 bps, respectively, compared with the prior facilities.

The $80 million term loan bears interest at a variable rate of Libor plus 175 bps. The variable-rate component of the debt is expected to be hedged using interest rate swaps through the first four years of the facility.

The revolver bears interest at a variable rate of Libor plus 125 bps and will remain unhedged.

Closing of the facilities is subject to satisfaction of customary conditions, including approval from the Hawaii Public Utilities Commission.

New York-based Macquarie owns, operates and invests in a diversified group of infrastructure businesses that provide basic services.

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