search icon
      blog search icon

      Macquarie Infrastructure Corporation (MIC) decreases in premarket – Here’s Why? - Stocks Telegraph

      By Mahrukh Rehan

      Published on

      October 8, 2021

      10:07 AM UTC

      Macquarie Infrastructure Corporation (MIC) decreases in premarket – Here’s Why? - Stocks Telegraph

      Macquarie Infrastructure Corporation (MIC) saw a decline of 91.15% in the premarket. However, the last trading session concluded at $40.7 with an incline of 0.05%.

      Offer to Repurchase All 2.00% Convertible Senior Notes Due 2023

      On 23rd September 2021, MIC announced that it will buy all of its 2.00 percent Convertible Senior Notes due 2023 at par plus accrued interest. The total outstanding balance of the Notes outstanding as of September 23, 2021, was $34,039,000. Furthermore, the sale of the Company’s Atlantic Aviation business on September 23, 2021, triggers the Fundamental Change Repurchase Right.

      If the Fundamental Change Repurchase Offer Expiration Date is not extended, the amount due on the Notes will be approximately $1,001.17 per $1,000. This will include accrued and unpaid interest. The settlement will take place shortly after the Fundamental Change Repurchase Offer Expiration Date for Notes.

      Closing of Sale of Atlantic Aviation

      MIC stated that it has completed the sale of its Atlantic Aviation business to KKR for $4.475 billion on 23rd September 2021. This includes $1.0 billion in assumed debt. On June 7, 2021, the Company announced that it has reached an agreement to sell Atlantic Aviation. Following the close, the MIC board of directors approved a distribution of $37.386817 per unit to holders of record. Shareholders of MIC became unitholders of Macquarie Infrastructure Holdings, LLC on yet another basis following a reorganization completed on September 22, 2021, with no certificates exchanged.

      MIC Announces Completion of Reorganization into Limited Liability Company

      MIC reported on 22 September 2021 that a previously permitted corporate reorganization has been completed. Macquarie Infrastructure Corporation is now a subsidiary of MIC.

      MIC shareholders will become unitholders of Macquarie Infrastructure Holdings. Moreover, the distribution of MIC Hawaii for tax purposes, with unitholders receiving a dividend. The dividend will be equal to the fair market value of the company. The estimated fair market value per unit is $3.25, with a dividend of $1.79 per unit. The unitholders will not get any cash.

      More From Stocks telegraph