Macquarie Infrastructure Corporation Announces Public Offering of $325 Million of Convertible Senior Notes

NEW YORK--()--Macquarie Infrastructure Corporation (the “Company” or “MIC”) (NYSE:MIC) announced today an underwritten public offering of $325.0 million of convertible senior notes due 2023. In addition, MIC expects to grant the underwriters a 30-day option to purchase up to $48.75 million of additional convertible notes solely to cover over-allotments. The offering will be made under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission on April 5, 2016.

The Company expects to use the net proceeds from the offering 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 the Company’s Bayonne Energy Center by 130 megawatts; the closing of the proposed acquisition of the 80 megawatt Utah Red Hills solar power facility; the repayment of the outstanding balance on the Company’s senior secured revolving credit facility; and, if the refinancing of the existing senior secured credit agreement of the Company’s Atlantic Aviation business is completed, the Company intends to use the net proceeds of the offering, in part, to repay a portion of the drawn revolving loan balance under the new Atlantic Aviation senior secured credit agreement.

J.P. Morgan and Barclays are acting as joint book-running managers for the offering.

This press release is neither an offer to sell nor a solicitation of an offer to buy the securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of any such state or jurisdiction.

The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from J.P. Morgan, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York, 11717, or by telephone at 1-866-803-9204 or by email at or from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-888-603-5847 or by email at

About Macquarie Infrastructure Corporation

MIC owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, entities comprising an energy services, production and distribution segment, MIC Hawaii, and entities comprising a Contracted Power and Energy segment.

Forward-Looking Statements

This press release contains forward-looking statements. MIC may, in some cases, use words such as "project", "believe", "anticipate", "plan", "expect", "estimate", "intend", "should", "would", "could", "potentially", or "may" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this release are subject to a number of risks and uncertainties, some of which are beyond MIC's control including, among other things: changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; risks associated with development and investment in the power industry; its regulatory environment establishing rate structures and monitoring quality of service; demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks; fuel and gas and other commodity costs; its ability to recover increases in costs from customers; cybersecurity risks; work interruptions or other labor stoppages; reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.

MIC's actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which MIC is not currently aware could also cause its actual results to differ. In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this release may not occur. These forward-looking statements are made as of the date of this release. MIC undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

"Macquarie Group" refers to the Macquarie Group of companies, which comprises Macquarie Group Limited and its worldwide subsidiaries and affiliates. Macquarie Infrastructure Corporation is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Infrastructure Corporation.


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