NEW YORK, Nov. 6 /PRNewswire-FirstCall/ -- Macquarie Infrastructure Company announced that the underwriters of its follow-on offering of 9,000,000 shares of trust stock of Macquarie Infrastructure Company Trust that was offered to the public at a price of $29.50 per share on October 24, 2006 have exercised their option to purchase an additional 1,350,000 shares to cover over allotments.
Sale of the additional shares will generate approximately $38.1 million of net proceeds for Macquarie Infrastructure Company. The majority of the net proceeds will be used to repay in full the outstanding borrowings under the Company's acquisition-related revolving credit facility, with any remaining amounts to be used for general corporate purposes. As a result, the Company will have $300.0 million of availability under the revolving credit facility that can be used to fund future acquisitions.
The offering, including the overallotment option, was made under Macquarie Infrastructure Company's existing shelf registration statement filed with the Securities and Exchange Commission on October 16, 2006. Each share represents one beneficial interest in the Trust and corresponds to one limited liability company interest in Macquarie Infrastructure Company LLC (the "Company").
Merrill Lynch & Co., Citigroup Corporate and Investment Banking, Credit Suisse, A. G. Edwards & Sons, Jefferies & Co., Macquarie Securities (USA) Inc. and Stifel, Nicolaus were the underwriters for the offering. Merrill Lynch & Co., Citigroup Corporate and Investment Banking and Credit Suisse were joint book running managers for the offering.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of trust stock, nor shall there be any sale of trust stock 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 of these securities is being made only by means of a prospectus and a related prospectus supplement. Full details of the offering, including a description of the trust stock and risk factors, are contained in a final prospectus supplement dated October 24, 2006 and available through the underwriters: Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center, New York, NY 10080; Citigroup Corporate and Investment Banking, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220; Credit Suisse, Prospectus Department, 1 Madison Avenue, New York, NY 10010.
About Macquarie Infrastructure Company
Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses, which provide basic, everyday services to customers in the United States. Its businesses consist of an airport services business, an airport parking business, a district energy business, a gas production and distribution business, and a 50% indirect interest in a bulk liquid storage terminal business.
Forward Looking Statements
This 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 presentation are subject to a number of risks and uncertainties, some of which are beyond the Company's control including, among other things: its ability to successfully integrate and manage acquired businesses, manage growth, make and finance future acquisitions, service, comply with the terms of and refinance its debt, and implement its strategy, decisions made by persons who control the Company's investments including the distribution of dividends, the regulatory environment, changes in air travel, automobile usage, fuel and gas prices, foreign exchange fluctuations, environmental risks 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 the Company 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 Bank Limited and its worldwide subsidiaries and affiliates.
Australian banking regulations that govern the operations of Macquarie Bank Limited and all of its subsidiaries, including the Company's manager, require the following statements. Investments in Macquarie Infrastructure Company Trust are not deposits with or other liabilities of Macquarie Bank Limited or of any Macquarie Group company and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither Macquarie Bank Limited nor any other member company of the Macquarie Group guarantees the performance of Macquarie Infrastructure Company Trust or the repayment of capital from Macquarie Infrastructure Company Trust. MIC-G
