NEW YORK, June 25 /PRNewswire-FirstCall/ -- Macquarie Infrastructure Company LLC , a market leader in the ownership and operation of infrastructure businesses in the US, has completed its previously announced mandatory exchange ("Exchange") of all outstanding shares of its trust stock. All shares of beneficial interest in Macquarie Infrastructure Company Trust have been exchanged for limited liability company interests in Macquarie Infrastructure Company LLC.
Investors received one LLC interest in Macquarie Infrastructure Company LLC for each share of Macquarie Infrastructure Company Trust they owned. LLC interests have been listed on the New York Stock Exchange and are trading under the symbol "MIC". MIC has elected to be treated as a corporation for federal tax purposes. Tax information pertaining to ownership of membership interests from the date of the Exchange will be provided to investors on Form 1099.
The Company has received a legal opinion that the Exchange and the election of the Company to be treated as a corporation is a non-taxable event to the Company and its shareholders. MIC believes that the restructuring will have no effect on the level of distributable cash generated by its businesses.
"The conversion from a trust to a limited liability company taxed as a corporation has been concluded smoothly," said Peter Stokes, MIC's Chief Executive Officer. "We believe that the exchange has been seamless and will result in simplified tax reporting for investors."
As previously noted, the Company is seeking permission from the Internal Revenue Service (IRS) to be treated as a corporation retroactive to January 1, 2007. If the IRS grants the Company's request, investors will not receive an Investor Tax Information Booklet or a Schedule K-1 for the year to date. Instead, reportable items for 2007 would be provided to investors solely on Form 1099.
About Macquarie Infrastructure Company
MIC 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, a gas production and distribution business, a district energy business, an airport parking business, and a 50% indirect interest in a bulk liquid storage terminal business. The Company is managed by a wholly-owned subsidiary of Macquarie Bank Limited. For additional information, please visit the Macquarie Infrastructure Company website at http://www.macquarie.com/mic. For further information, please contact:
© 2007 PR Newswire
