Macquarie to Offer Shares - Analyst Blog

By
A A A

Macquarie Infrastructure Company LLC ( MIC ) recently announced a secondary offering of 6.15 million shares at $58.50 each to raise cash and increase its liquidity. The company will also grant the underwriters an option to purchase an additional 507,375 shares to cover any over-allotments.

The equity offer includes approximately 3.4 million shares from the company and 2.8 million shares from Macquarie Infrastructure Management (USA) Inc., its external Manager. BofA Merrill Lynch, the investment banking and wealth management division of Bank of America Corporation ( BAC ); Wells Fargo Securities, the investment banking division of Wells Fargo & Company ( WFC ); Barclays PLC ( BCS ), a global financial services company; and Macquarie Capital are acting as joint book-running managers for the public offering.

Macquarie Infrastructure expects to utilize the net proceeds from the equity offer to repay its debt. The company expects to fully repay the existing long-term debt of its Atlantic Aviation subsidiary with the proceeds from the offering, available cash on hand and drawings under a proposed $465.0 million debt facility.

Macquarie Infrastructure owns and operates a diversified group of infrastructure businesses that provide basic services to various customers in the United States. The company owns a gas processing and distribution business titled Hawaii Gas, and has a controlling interest in a District Energy business in Chicago. In addition, Macquarie Infrastructure owns a 50% stake in a bulk liquid storage terminal business called International-Matex Tank Terminals.

At the same time, Macquarie Infrastructure also owns and operates an airport services business called Atlantic Aviation, and two solar power generation facilities, collectively known as MIC Solar. Macquarie Infrastructure presently has a Zacks Rank #2 (Buy).



BANK OF AMER CP (BAC): Free Stock Analysis Report

BARCLAY PLC-ADR (BCS): Free Stock Analysis Report

MACQUARIE INFRA (MIC): Free Stock Analysis Report

WELLS FARGO-NEW (WFC): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: BAC , BCS , MIC , USA , WFC

Zacks.com

Zacks.com

More from Zacks.com:

Related Videos

Don't Pay Up to Play REITs
Don't Pay Up to Play REITs          

Stocks

Referenced

Most Active by Volume

100,376,898
  • $17.62 ▲ 0.51%
83,231,837
  • $25.62 ▲ 1.91%
75,739,329
  • $111.78 ▼ 0.77%
65,297,937
  • $36.37 ▼ 1.76%
59,053,093
  • $47.66 ▲ 0.29%
53,482,350
  • $2.59 ▼ 0.38%
51,504,284
  • $7.34 ▲ 2.37%
51,434,656
  • $8.14 ▲ 6.96%
As of 12/19/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com