Macquarie Infrastructure Corporation (NYSE:MIC) has announced the successful refinancing and upsizing of its holding company level senior secured revolving credit facility to USD 600 million, the company said.
The new facility includes an uncommitted accordion option to increase drawings to USD 800 million, subject to satisfaction of certain conditions.
The new facility replaces a revolving credit facility of USD 410 million at the MIC holding company level. USD 145 million was drawn on the new facility at closing. Drawings on the facility are available for general corporate purposes.
The new credit facility bears interest at the London Interbank Offered Rate (LIBOR) plus a fixed margin. The rate on the drawn balance at closing was a weighted average of 3.3% per annum.
The refinancing extended of the maturity of the credit facility by approximately two and half years to January 3, 2022. The company notes that this date is beyond the July 2019 maturity of a USD 350 million tranche of holding company level convertible notes.
MIC owns and operates a diversified group of 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 segment. For additional information, visit the MIC website at www.macquarie.com/mic