Fundraising

Macquarie Infrastructure Corporation in 325m bond offer

The asset manager has had a busy week, also agreeing to a $750m credit facility and an 80MW solar acquisition in Utah.

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Macquarie Infrastructure Corporation is issuing $325 million of senior unsecured notes maturing in 2023.

The bonds' interest rate has not been set. JP Morgan and Barclays are acting as joint book runners, and Credit Agricole CIB is co-managing the offer.

The bond offer comes during a week of other financial moves for the asset manager. On Monday, MIC agreed to a $750 million, five-year credit facility with a consortium of lenders. The agreement consists of a $400 million term loan, which is to be fully drawn at closing, and up to a $350 million revolving credit facility.

A subsidiary of MIC agreed on Tuesday to acquire the sponsor equity for one of the largest solar projects in Utah. The purchase was made through MIC Renewable Energy Holdings and gives it the 80MW Utah Red Hills solar facility recently constructed by renewables developer Scatec Solar ASA.

The Utah Red Hills plant is located in the southwestern part of the state and finished construction at the end of last year. It contracted to begin selling power in December to PacifiCorp, a subsidiary of Berkshire Hathaway Energy.

MIC invests in infrastructure assets including airports, liquid terminals and energy generation and distribution facilities. It is invested in six solar and two wind assets and last April completed the acquisition of a 512MW gas-fired facility in Bayonne, New Jersey.