Macquarie Infrastructure draws down $599 million under revolver; unit draws down $275 million

By Rebecca Melvin

New York, March 24 – Macquarie Infrastructure Corp. provided notice to lenders to borrow $599 million under its senior secured revolving credit facility with J.P. Morgan Chase Bank NA as administrative agent and MIC Ohana Corp. was guarantor. The facility was amended and extended in January 2018 and matures on Jan. 3, 2022.

Wholly owned Macquarie subsidiary Atlantic Aviation FBO Inc. provided notice to lenders to borrow $275 million under the revolving credit facility portion of an AA credit agreement, which provides for a $1.025 billion senior secured first-lien term loan facility due 2025 and $350 million senior secured first-lien revolving credit facility due 2023.

The transactions were undertaken to increase cash and preserve financial flexibility in light of uncertainty in the global markets resulting from the coronavirus disease outbreak, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds from the borrowing can be used for working capital, general corporate and other purposes, and result in the company, including subsidiaries, having total cash and cash equivalents of about $1.1 billion as of March 18.

The New York-based company owns and operates businesses providing services to U.S. bulk liquid terminals business, International-Matex Tank Terminals and airport services business, Atlantic Aviation, among other things.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.