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Macquarie greenshoe ups 2.875% five-year convertibles to $350 million
By Susanna Moon
Chicago, July 18 – Macquarie Infrastructure Co. LLC’s underwriters fully exercised the $45 million over-allotment option on its 2.875% five-year convertible senior notes, bringing the total deal size to $350 million.
As previously reported, the company priced an upsized $305 million of the convertibles at par late July 9 with an initial conversion premium of 27.5%.
The registered, off-the-shelf deal was initially talked at $250 million in size, and pricing came at the fixed 2.875% coupon, which was revised during marketing from 2.875% to 3.375% and at the tight end of revised talk for the premium. Premium talk was revised to 22.5% to 27.5% from 17.5% to 22.5%.
The greenshoe was upsized from $37.5 million.
Macquarie also priced an offering of 10 million shares at a price of $66.50 per share, which raised $665 million. There was a greenshoe for an additional 1.5 million shares.
The convertibles are non-callable for life and have standard dividend and takeover protection.
Proceeds from the convertibles and $115 million from the shares will be paid to the sellers of International-Matex Tank Terminals to acquire the remainder of IMTT that Macquarie Infrastructure does not currently own.
The balance of the proceeds from the offerings will be used for general corporate purposes.
Joint bookrunning managers of the deal are Barclays, J.P. Morgan Securities LLC, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC.
New York-based Macquarie owns, operates and invests in a diversified group of infrastructure businesses that provide basic services.
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