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Macquarie subsidiary gets commitments for $535 million credit facility
By Angela McDaniels
Tacoma, Wash., April 29 - Macquarie Infrastructure Co. LLC subsidiary Atlantic Aviation FBO Inc. entered into a commitment letter for a proposed $535 million credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The proposed facility includes a $465 million seven-year senior secured first-lien term loan facility and a $70 million five year senior secured first-lien revolving credit facility.
Barclays Bank plc, MIHI LLC, Macquarie Capital (USA) Inc., Wells Fargo Bank, NA and Wells Fargo Securities, LLC have agreed to act as the initial lenders.
Macquarie expects to use the proceeds from the credit facility, together with cash on hand, including from the proceeds of its proposed public offering of its LLC interests, to repay all amounts outstanding under Atlantic Aviation FBO's existing credit facility dated Sept. 27, 2007.
The new credit facility will be guaranteed by the direct parent of Atlantic Aviation FBO and some subsidiaries of Atlantic Aviation FBO.
The restricted payments covenant will allow unlimited restricted payments by Atlantic Aviation FBO so long as its total leverage ratio, pro forma for such restricted payment, is less than (a) on or prior to the second anniversary of the closing date, 4.50 to 1.00 and (b) after the second anniversary of the closing date, 4.25 to 1.00.
Atlantic Aviation FBO will be have to make mandatory prepayments of the term facility in the amount of 50% of its annual excess cash flow if its total leverage ratio for the relevant year is equal to or greater than 4.25 to 1.00.
Macquarie Infrastructure owns, operates and invests in infrastructure businesses. Atlantic Aviation FBO is an airport services business.
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