Macquarie Infrastructure negotiates $250 million five-year revolver

By Toni Weeks

San Luis Obispo, Calif., July 7 – Macquarie Infrastructure Co. LLC entered into a new $250 million five-year senior secured revolving credit facility in connection with its acquisition of IMTT Holdings Inc., according to an 8-K filing with the Securities and Exchange Commission.

The facility provides up to $100 million for stand-by letters of credit. Commitments under the revolver may be increased in an unlimited amount under an uncommitted incremental facility, subject to compliance with a leverage ratio.

Borrowings bear interest at Libor plus 150 basis points to 225 bps. There is also a commitment fee that ranges from 22.5 bps to 40 bps. Both are dependent on the company’s debt ratings.

The credit facility is guaranteed by Macquarie Infrastructure Co. Inc. and is secured by a pledge of the company’s directly held equity interests and all intercompany debt owed to the company.

Proceeds may be used for general corporate and working capital purposes, including for financing a portion of the debt consideration for the IMTT acquisition.

Barclays Bank plc, J.P. Morgan Securities LLC, Macquarie Capital (USA) Inc., RBC Capital Markets and SunTrust Robinson Humphrey, Inc are the joint bookrunners and joint lead arrangers. JPMorgan Chase Bank, NA is the administrative agent.

New York-based Macquarie Infrastructure owns, operates and invests in infrastructure businesses.

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