Macquarie greenshoe exercised, lifting convertibles to C$57.5 million

By Devika Patel

Knoxville, Tenn., Jan. 5 - Underwriters for Macquarie Power & Infrastructure Income Fund's offering of 6.5% seven-year convertible unsecured subordinated debentures exercised their over-allotment option in full for C$7.5 million more of the convertibles, increasing the size of the issue to C$57.5 million, the company said in a press release.

As previously reported, the company sold the debentures at par in a Regulation S offering on Dec. 1.

The debentures were sold via a syndicate of underwriters led by TD Securities Inc. and BMO Capital Markets, and including RBC Capital Markets, Macquarie Capital Markets Canada Ltd., CIBC, Brookfield Financial Corp., HSBC Securities (Canada) Inc., Cormark Securities Inc. and Genuity Capital Markets.

The debentures have an initial conversion premium of 20% and a conversion price of C$7.00 per fund unit.

The debentures are non-callable until Dec. 31, 2012 and then provisionally callable until Dec. 31, 2014 if the volume weighted average price of the fund unit is 125% of the conversion price.

Proceeds will be used to redeem the fund's outstanding 2010 debentures and for general purposes of the fund.

Macquarie Power & Infrastructure is a Toronto-based fund that invests in infrastructure assets in North America.

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