SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE TO
Tender Offer Statement under Section
14(d)(1) or 13(e)(1)
of the Securities Exchange Act of 1934
MACQUARIE INFRASTRUCTURE CORPORATION
(Name of Subject Company (Issuer) and
Filing Person (Offeror))
2.00% Convertible Senior Notes due
2023
(Title of Class of Securities)
55608BAB1
(CUSIP Number of Class of Securities)
Christopher Frost
Chief Executive Officer
125 West 55th Street
New York, New York 10019
(212) 231-1000
(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing person)
Copies to:
Michelle Rutta, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, New York 10020-1095
(212) 819-8200
Roxane F. Reardon, Esq.
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017
(212) 455-2000
Calculation of Filing Fee
Transaction Valuation*
|
Amount of Filing Fee**
|
$402,500,000
|
$43,912.75
|
|
*
|
Calculated solely for purposes of determining the amount of the filing fee. The calculation of the
Transaction Valuation assumes that all $402,500,000 aggregate principal amount of the Company’s outstanding 2.00% Convertible
Senior Notes due 2023 are purchased at the tender offer price of $1,000 per $1,000 principal amount of such notes.
|
|
**
|
The amount of the filing fee was calculated in accordance with Rule 0-11 of the Securities Exchange
Act of 1934, as amended, and equals $109.10 for each $1,000,000 of the value of the transaction.
|
|
¨
|
Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing
with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.
|
Amount Previously Paid: Not applicable.
|
|
Filing Party: Not applicable.
|
Form or Registration No.: Not applicable.
|
|
Date Filed: Not applicable.
|
|
¨
|
Check the box if the filing relates solely to preliminary communications made before the commencement
of a tender offer.
|
Check the appropriate boxes below to designate
any transactions to which the statement relates:
|
¨
|
third-party tender offer
subject to Rule 14d-1.
|
|
x
|
issuer tender offer subject
to Rule 13e-4.
|
|
¨
|
going-private transaction
subject to Rule 13e-3.
|
|
¨
|
amendment to Schedule 13D
under Rule 13d-2.
|
Check the following box if the filing is
a final amendment reporting the results of the tender offer: ¨
If applicable, check the appropriate box(es)
below to designate the appropriate rule provision(s) relied upon:
|
¨
|
Rule 13e-4(i) (Cross-Border
Issuer Tender Offer)
|
|
¨
|
Rule 14d-1(d) (Cross-Border
Third-Party Tender Offer)
|
Introductory Statement
This Tender Offer Statement on Schedule
TO (the “Schedule TO”) is filed by Macquarie Infrastructure Corporation, a Delaware corporation (“MIC”
or the “Company”), and relates to the Company’s offer to purchase (the “Tender Offer”), upon the
terms and subject to the conditions set forth in the attached Offer to Purchase, dated February 17, 2021 (as it may be amended
or supplemented from time to time, the “Offer to Purchase”), and the related Letter of Transmittal (as it may be amended
or supplemented from time to time, the “Letter of Transmittal”), any and all of the outstanding $402,500,000 principal
amount of its 2.00% Convertible Senior Notes due 2023 (the “Notes”), for cash in an amount equal to $1,000 per $1,000
principal amount of Notes purchased (exclusive of accrued and unpaid interest).
Copies of the Offer to Purchase and Letter
of Transmittal are filed with this Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively. The Tender Offer will expire
at 11:59 p.m., New York City time, on March 16, 2021, or any other date and time to which the Company extends such Tender Offer
(such date and time, as it may be extended, the “Expiration Date”), unless earlier terminated.
This Schedule TO is intended to satisfy
the disclosure requirements of Rule 13e-4(c)(2) under the Securities Exchange Act of 1934, as amended.
The information set forth in the Offer
to Purchase and Letter of Transmittal is incorporated by reference herein in response to Items 1 through 13 of the Schedule TO,
including as more specifically set forth below.
Item 1. Summary Term Sheet.
The information in the Offer to Purchase
under the heading “Summary” is incorporated herein by reference.
Item 2. Subject Company Information.
(a) Name
and Address. The name of the issuer is Macquarie Infrastructure Corporation. The address of the Company’s principal executive
offices is 125 West 55th Street, New York, New York 10019. The Company’s telephone number is (212) 231-1000.
(b) Securities.
The securities that are the subject of the Tender Offer are the Company’s 2.00% Convertible Senior Notes due 2023. As of
February 16, 2021, there was $402,500,000 aggregate principal amount of the Notes outstanding.
(c) Trading
Market and Price. The information in the Offer to Purchase under the heading “Market Price Information” is incorporated
herein by reference.
Item 3. Identity and Background of
Filing Person.
(a) Name
and Address. MIC is the filing person and the subject company. The information set forth under Item 2(a) above and in the
Offer to Purchase under the heading “The Company” is incorporated herein by reference. The names of the directors
and executive officers of the Company are set forth in the Offer to Purchase under the heading “Interest of Directors and
Executive Officers; Transactions and Arrangements Concerning the Notes” and such information is herein incorporated by reference.
Item 4. Terms of the Transaction.
(a) Material
Terms. The information set forth in the Offer to Purchase under the headings “Summary,” “The Terms of the
Tender Offer,” “Certain Considerations,” “Source of Funds” and “Certain U.S. Federal Income
Tax Considerations” is incorporated herein by reference.
(b) Purchases.
Information regarding purchases from officers, directors and affiliates of the Company set forth in the Offer to Purchase under
the heading “Interest of Directors and Executive Officers; Transactions and Arrangements Concerning the Notes” is
incorporated herein by reference.
Item 5. Past Contacts, Transactions,
Negotiations and Agreements.
(e) Agreements
Involving the Subject Company’s Securities. The Company is a party to the following agreement, arrangement or understanding
that involves the Notes:
|
·
|
Indenture, dated as of July 15, 2014, between Macquarie
Infrastructure Company LLC, as predecessor to the Company, and Wells Fargo Bank, National Association, as Trustee (filed as Exhibit
4.1 to the Company’s Current Report on Form 8-K, filed on July 18, 2014, and incorporated herein by reference).
|
The information set forth in the documents
referred to under the heading “Documents Incorporated by Reference” in the Offer to Purchase is incorporated herein
by reference.
The information in the Offer to Purchase
under the headings “Certain Considerations—Treatment of Notes Not Tendered in the Tender Offer” and “The
Dealer Manager and the Tender and Information Agent” is incorporated herein by reference.
Item 6. Purposes of the Transaction
and Plans or Proposals.
(a) Purposes.
The information in the Offer to Purchase under the heading “The Terms of the Tender Offer–Purpose of the Tender
Offer” is incorporated herein by reference.
(b) Use
of Securities Acquired. The information in the Offer to Purchase under the heading “The Terms of the Tender Offer–Payment
for Notes” is incorporated herein by reference.
(c) Plans.
The information in the Offer to Purchase including in “The Company,” “The Terms of the Tender Offer—Purpose
of the Tender Offer,” “Certain Considerations—Treatment of Notes Not Tendered in the Tender Offer,” “Certain
Considerations—Pursuit of Strategic Alternatives and Proposed Reorganization” and “Source of Funds” (and
the documents incorporated by reference therein) is incorporated herein by reference.
Item 7. Source and Amount of Funds
or Other Consideration.
(a) Source
of Funds. The information in the Offer to Purchase under the heading “Source of Funds” is incorporated herein
by reference.
(b) Conditions.
Not applicable.
(d) Borrowed
Funds. Not applicable.
Item 8. Interest in Securities of
the Subject Company.
(a) Securities
Ownership. The information in the Offer to Purchase under the heading “Interest of Directors and Executive Officers;
Transactions and Arrangements Concerning the Notes” is incorporated herein by reference.
(b) Securities
Transactions. The information in the Offer to Purchase under the heading “Interest of Directors and Executive Officers;
Transactions and Arrangements Concerning the Notes” is incorporated herein by reference.
Item 9. Persons/Assets, Retained,
Employed, Compensated or Used.
(a) Solicitations
or Recommendations. The information in the Offer to Purchase under the headings “Summary” and “The Dealer
Manager and the Tender and Information Agent” is incorporated herein by reference.
Item 10. Financial Statements.
(a) Financial
Information. Not applicable.
(b) Pro
Forma Information. Not applicable.
Item 11. Additional Information.
(a) Agreements,
Regulatory Requirements and Legal Proceedings. Not applicable.
(c) Other
Material Information. The information contained in the Offer to Purchase and the Letter of Transmittal is incorporated herein
by reference. On February 17, 2021, the Company issued a press release with respect to its financial results for the quarter and
year ended December 31, 2020. An excerpted portion of the press release is included herein as Exhibit (a)(5)(ii).
Item 12. Exhibits.
(a)(1)(A)
|
Offer to Purchase, dated February 17, 2021.
|
(a)(1)(B)
|
Letter of Transmittal.
|
(a)(5)(i)
|
Press Release announcing the commencement of the Tender Offer, dated February 17, 2021.
|
(a)(5)(ii)
|
Excerpted portion of the Company’s earnings press release, dated February 17, 2021.
|
(d)(1)
|
Indenture, dated as of July 15, 2014, between Macquarie Infrastructure Company LLC, as predecessor to Macquarie Infrastructure Corporation, and Wells Fargo Bank, National Association, as Trustee (filed as Exhibit 4.1 to Macquarie Infrastructure Corporation’s Current Report on Form 8-K, filed on July 18, 2014 and incorporated by reference).
|
(d)(2)
|
Second Supplemental Indenture, dated as of May 21, 2015, by and between Macquarie Infrastructure Corporation and Wells Fargo, National
Association, as Trustee (filed as Exhibit 4.3 to the Company's Current Report on Form 8-K filed on May 21, 2015 and incorporated by reference).
|
(d)(3)
|
Third Supplemental Indenture, dated as of October 13, 2016, between Macquarie Infrastructure Corporation and Wells Fargo Bank, National Association, as Trustee, creating the 2.00% Convertible Senior Notes due 2023 (filed as Exhibit 4.1 to Macquarie Infrastructure Corporation’s Current Report on Form 8-K, filed on October 14, 2016 and incorporated by reference).
|
Item 13. Information Required by Schedule
13E-3.
Not applicable.
SIGNATURES
After due inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 17, 2021
|
MACQUARIE INFRASTRUCTURE CORPORATION
|
|
|
|
By:
|
/s/ Christopher Frost
|
|
Name:
|
Christopher Frost
|
|
Title:
|
Chief Executive Officer
|
Macquarie Infrastructure (NYSE:MIC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Macquarie Infrastructure (NYSE:MIC)
Historical Stock Chart
From Sep 2023 to Sep 2024