MIC Announces Completion of Sale of Bayonne Energy Center
October 15 2018 - 9:28AM
Business Wire
MIC (Macquarie Infrastructure Corporation) (NYSE:MIC) announced
that, following the receipt of regulatory and other approvals, it
has completed the sale of the Bayonne Energy Center (“BEC”) to an
investment fund managed by Morgan Stanley.
BEC is a 644 megawatt, gas-fired, mid-merit electricity
generation facility located in Bayonne, NJ. MIC sold BEC for $900
million in cash and assumed debt. The company received cash
proceeds of $649 million, net of customary purchase price
adjustments and transaction fees and expenses.
“We are pleased to have completed the sale of BEC in the
timeframe we anticipated,” said Christopher Frost, chief executive
officer of MIC. “The sale significantly improves MIC’s balance
sheet strength and financial flexibility, one of MIC’s key
strategic priorities which was outlined earlier in the year.”
MIC has previously indicated that proceeds from the sale of BEC
would likely be used to reduce debt and fund a portion of planned
growth capital deployments.
About MIC
MIC owns and operates a diversified group of businesses
providing basic services to customers in the United States. Its
businesses consist of a bulk liquid terminals business,
International-Matex Tank Terminals, an airport services business,
Atlantic Aviation, entities comprising an energy services,
production and distribution segment, MIC Hawaii, and entities
comprising a Contracted Power segment. For additional information,
please visit the MIC website at www.macquarie.com/mic. MIC-G
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MICInvestorsJay A. Davis, +1 212-231-1825Investor
RelationsorMediaMelissa McNamara, +1 212-231-1667Corporate
Communications
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