Macquarie ups revolver; Bayonne Energy has new $300 million facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 31 – Macquarie Infrastructure Corp. increased revolving commitments under its credit agreement by $50 million, and its Bayonne Energy Center power generating business obtained a seven-year $300 million debt facility, according to a press release.

Macquarie’s revolver’s total commitments are now $410 million. Bank of America Merrill Lynch is providing the additional $50 million on terms that are identical to those already in place.

The facility matures in July 2019 and bears interest based on the credit rating. Current interest on borrowings is Libor plus 175 basis points, but the facility is undrawn.

Bayonne’s new debt facility consists of a $275 million term loan and a $25 million revolver.

The term loan bears interest at an all-in rate of 3.91%. The revolver is undrawn and will be used primarily as backing for letters of credit supporting collateral and reserve requirements, the company said.

“The structure of the debt at BEC optimizes both the generation of free cash flow and our ability to fund the growth of the business,” James Hooke, chief executive officer of Macquarie, said in the news release.

New York-based Macquarie owns, operates and invests in a diversified group of infrastructure businesses that provide basic services. Bayonne Energy is a Bayonne, N.J., power generation facility.

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