MIC Announces Closing of Sale of Atlantic Aviation, Record Date for Distribution of Proceeds of $37.386817 per Unit
September 23 2021 - 9:20AM
Business Wire
- Units to trade with assignment of distribution from October
1 through October 7 payment date
Macquarie Infrastructure Holdings, LLC (NYSE: MIC) (“MIC”
“Company” or “LLC”), successor to Macquarie Infrastructure
Corporation, today announced the closing of the sale of its
Atlantic Aviation business to KKR for $4.475 billion, including
assumed debt of approximately $1.0 billion. The Company announced
that it had entered into the agreement to sell Atlantic Aviation on
June 7, 2021.
At a meeting of the MIC board of directors following the
closing, the board authorized a distribution of $37.386817 per unit
payable October 7, 2021, to holders of record on October 4, 2021.
The distribution represents all of the net proceeds from the sale
of Atlantic Aviation.
Following a reorganization completed on September 22, 2021,
shareholders of Macquarie Infrastructure Corporation became
unitholders of Macquarie Infrastructure Holdings, LLC on a
one-for-one basis without an exchange of certificates. Units of
Macquarie Infrastructure Holdings, LLC will begin trading on the
New York Stock Exchange on September 23, 2021, under the same
symbol (NYSE: MIC) and with the same CUSIP number (55608B105) as
previously associated with shares of Macquarie Infrastructure
Corporation.
The distribution represents proceeds from the sale of Atlantic
Aviation and Company unitholders will be subject to tax on their
respective allocable share of the gain on the sale. Tax-related
information pertaining to the sale, together with information
concerning the previously announced distribution of the businesses
of MIC Hawaii to the LLC, will be reported to unitholders on
Schedule K-1 after the end of the year. A discussion of the tax
consequences of the transactions generally can be found in the
definitive proxy statement filed by Macquarie Infrastructure
Corporation with the Securities and Exchange Commission on August
23, 2021.
The New York Stock Exchange (“NYSE”) has determined that units
of MIC will trade with “due-bills” representing an assignment of
the right to receive the distribution attached from the day prior
to the record date through the payment date. Due-bills are attached
to distributions of 25% or more of the value the underlying
security on the announcement date. Units will not trade
ex-distribution until October 8, 2021, the first business day after
the October 7, 2021, payment date. Unitholders who sell their units
between October 1, 2021, and October 7, 2021, inclusive, will not
be entitled to the per unit cash distribution of $37.386817.
Due-bills obligate a seller of units to deliver the distribution
payable on such units to the buyer. The due-bill obligations are
settled customarily between the brokers representing the buyers and
sellers of the units. MIC has no obligation for either the amount
or the processing of the due-bills. Buyers and sellers of units of
MIC should consult their broker before trading to be sure they
understand the effect of the NYSE’s due-bill procedures.
KKR acquired Atlantic Aviation primarily through its Global
Infrastructure Investors and Core Investments strategies.
About MIC
MIC’s businesses consist of entities comprising energy services,
production and distribution in Hawaii. For additional information,
please visit the MIC website at www.macquarie.com/mic.
MIC is not an authorized deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of MIC do not represent deposits or other liabilities
of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not
guarantee or otherwise provide assurance in respect of the
obligations of MIC.
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version on businesswire.com: https://www.businesswire.com/news/home/20210923005617/en/
Investors: Jay Davis Investor Relations MIC
212-231-1825
Media: Lee Lubarsky Corporate Communications MIC
212-231-2638
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