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Macquarie Infrastructure offers $325 million seven-year convertibles
By Stephanie N. Rotondo
Seattle, Oct. 5 – Macquarie Infrastructure Corp. plans to sell $325 million of convertible notes due Oct. 1, 2023, according to a prospectus filed with the Securities and Exchange Commission on Wednesday.
There is a $48.75 million over-allotment option.
J.P. Morgan Securities LLC and Barclays are the joint bookrunners. Credit Agricole CIB is the co-manager.
The notes can be converted after the calendar quarter ending Dec. 31 and prior to July 1, 2023 if the company’s stock crosses a 130% price hurdle. The notes can also be converted if the trading price of the debt is less than 98% of the product of the common stock price and the conversion rate for five consecutive trading days, or upon certain corporate events.
After July 1, 2023, the notes can be converted at any time up until the second trading day preceding the maturity date.
The conversion rate is subject to change in the event of a fundamental change. Holders can also require the company to repurchase the notes upon a fundamental change at par plus accrued interest.
Proceeds will be used for general corporate purposes, including, but not limited to, the closing of the proposed acquisition of the aviation facility at Stewart Airport in New York; the expansion of BEC by 130 MW; the closing of the proposed acquisition of the 80 MW Utah Red Hills solar power facility; the repayment of the outstanding balance on our senior secured revolving credit facility; and, if the refinancing of the existing Atlantic Aviation credit agreement is completed, the repayment of a portion of the drawn revolving loan balance under the New AA Credit Agreement.
New York-based Macquarie Infrastructure owns, operates and invests in a diversified group of infrastructure businesses in the United States.
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