MIC - MIC STOCK NEWS

Macquarie Infrastructure Holdings (MIC) reported its Q1 2022 results, showing a net income of $11.4 million, a significant recovery from a loss of $6.3 million in Q1 2021. The increase in gas sales by Hawaii Gas was attributed to a rise in visitor numbers to Hawaii, reaching 79% of pre-pandemic levels. However, gas sales volume was 13% below 2019 levels. Adjusted EBITDA fell to $9.3 million from $12.1 million year-over-year. The company anticipates completing its merger with Argo Infrastructure Partners by July 1, 2022, resulting in unit holder payouts ranging from $3.83 to $4.11 per unit.

Macquarie Infrastructure Holdings (NYSE: MIC) reported its fourth quarter and full year 2021 results, highlighting a net loss from continuing operations of $300.3 million, compared to a loss of $96.6 million in 2020. The 2021 financials reflect a significant impact from increased operational costs totaling approximately $291.3 million due to its recent business sales. Despite this, gas sales from Hawaii Gas rose 21% year-over-year, driven by a recovery in tourism, with visitor numbers at 65% of pre-pandemic levels. The company anticipates merger completion with Argo Infrastructure Partners in the first half of 2022, offering cash consideration between $3.83 to $4.11 per unit depending on the merger's timing.

Macquarie Infrastructure Holdings (NYSE: MIC) reported operational results for Q3 2021, showcasing an increase in visitors to Hawaii, reaching approximately 79% of pre-pandemic levels. The sale of Atlantic Aviation led to a cash distribution of $37.39 per unit on October 7, 2021. However, the company faced a significant net loss of $274.7 million compared to a loss of $5.5 million in Q3 2020. Adjusted EBITDA improved to $9.0 million from $5.4 million year-on-year. Cash used in operations was $271.5 million, contrasting sharply with positive cash generation of $1.5 million in the prior year.

Macquarie Infrastructure Holdings (MIC) announced the completion of its Offer to Repurchase 2.00% Convertible Senior Notes due 2023, expiring on October 21, 2021. Approximately $26,947,000, or 79.8% of the outstanding notes, were tendered. The repurchase, totaling about $26,978,528 including interest, will settle on October 22, 2021, leaving $6,821,000 of the notes outstanding. This repurchase stems from a Fundamental Change triggered by the recent sale of MIC's Atlantic Aviation business on September 23, 2021.

Macquarie Infrastructure Holdings, LLC (NYSE: MIC) announced an adjustment to the conversion ratio for its 2.00% Convertible Senior Notes due 2023, increasing it to 162.9223 units per $1,000 of principal. This change, effective October 8, 2021, is a result of a distribution related to the sale of its Atlantic Aviation business on October 7, 2021.

Note holders are advised to review the related documents available from the Securities and Exchange Commission for more details regarding their options.

Macquarie Infrastructure Holdings (NYSE: MIC) has proposed a repurchase of its 2.00% Convertible Senior Notes due 2023, totaling approximately $34 million outstanding as of September 23, 2021. The repurchase offer includes a price of 100% of the principal plus accrued interest. This action follows the completion of the Atlantic Aviation sale, marking a Fundamental Change that triggers the repurchase rights. Note holders may convert their notes at an effective rate of 12.6572 common units per $1,000 principal until the repurchase date of October 22, 2021.

Macquarie Infrastructure Holdings, LLC (NYSE: MIC) announced the closure of the Atlantic Aviation sale to KKR for $4.475 billion, which includes $1.0 billion in assumed debt. The sale was agreed upon on June 7, 2021. Following the transaction, the MIC board authorized a distribution of $37.386817 per unit to unitholders, payable on October 7, 2021. Due-bills will be attached to units trading from October 1 to October 7, 2021. Effective from September 23, 2021, MIC units will continue trading on the NYSE under the same symbol.

Macquarie Infrastructure Holdings, LLC (NYSE: MIC) has completed a corporate reorganization, making Macquarie Infrastructure Corporation a subsidiary. Shareholders will convert to unitholders on a one-for-one basis by September 22, 2021, with trading commencing September 23, 2021, under the same NYSE symbol. The reorganization includes the distribution of MIC Hawaii as a direct subsidiary, with its estimated fair market value set at $3.25 per unit, of which $1.79 is classified as a dividend. No cash distributions will occur, and final valuations will follow the sale of Atlantic Aviation.

Pioneer Natural Resources Company (NYSE: PXD) has appointed Maria S. Jelescu Dreyfus to its Board of Directors. Dreyfus is the Chief Investment Officer at Ardinall Investment Management, specializing in ESG-focused investments. With over 15 years at Goldman Sachs, she brings significant expertise in energy and infrastructure sectors. Dreyfus aims to contribute to Pioneer's leadership in the energy transition, emphasizing performance in financial and ESG matters. CEO Scott D. Sheffield and Chairman J. Kenneth Thompson highlighted her background and skills as assets to the company.