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Macquarie Infrastructure Company LLC (MIC)

  • Tue, Feb. 3, 5:55 PM
    • Macquarie Infrastructure (NYSE:MIC) agrees to acquire Bayonne Energy Center from an affiliate of ArcLight Capital Partners for $210M in cash plus $510M of debt.
    • MIC expects the Bayonne plant to generate EBITDA of ~$62M/year and for incremental free cash flow from the deal to result in an increase in its quarterly cash dividend.
    • Bayonne supplies electricity in New York and New Jersey, and is a former Hess subsidiary.
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  • Jul. 7, 2014, 5:13 PM
    • Macquarie Infrastructure (MIC+3.8% AH after agreeing to acquire the 50% stake in International-Matex Tank Terminals it does not already own for $1.025B in cash and stock.
    • MIC expects the acquisition to be accretive to free cash flow per share in 2014, and sees underlying 2014 free cash flow of ~$4.55/share, or 11.2% higher than in 2013; MIC also introduces guidance for 2015 underlying free cash flow of $5.10/share.
    • To fund the deal, MIC announces separate public offerings of 10M shares and $250M of convertible senior notes due July 2019.
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Company Description
Macquarie Infrastructure Co LLC provides fuel, terminal, aircraft hangaring and other services to owners and operators of GA aircraft at 69 airports in the U.S.