MIC - MIC STOCK NEWS

Macquarie Infrastructure Corporation (NYSE: MIC) reported strong second-quarter 2021 results, driven by a recovery in general aviation flight activity and a rise in visitor arrivals in Hawaii. The company announced a planned sale of Atlantic Aviation for $4.475 billion, awaiting shareholder approval. MIC reported a net income of $6.9 million, contrasting with a net loss of $24.4 million in Q2 2020. Adjusted EBITDA surged to $77.9 million, up from $18.6 million. The company has suspended financial guidance due to business sales.

Macquarie Infrastructure Corporation (NYSE: MIC) has scheduled a Special Meeting of Shareholders for September 21, 2021, with a record date of August 23, 2021. Shareholders will vote on the proposed sale of Atlantic Aviation to KKR and the merger of MIC Hawaii businesses into an entity managed by Argo Infrastructure Partners. The AA Transaction is expected to close in Q3 2021, while the MH Merger is set for H1 2022. The AA Transaction does not require MH Merger approval, but the latter depends on the former. Details for virtual meeting participation will follow the record date.

Macquarie Infrastructure Corporation (NYSE: MIC) has signed a merger agreement with Argo Infrastructure Partners, marking the conclusion of its strategic alternatives process. Under the agreement, MIC Hawaii will be acquired for $3.83 per unit, with potential increases based on the closing date. The expected completion of the transaction is in the first half of 2022, subject to necessary approvals. The merger positions MIC to return over $52 per share to investors, representing a 35% premium to pre-strategy share prices, following recent significant asset sales.

Macquarie Infrastructure Corporation (NYSE: MIC) and KKR have entered into a definitive agreement for MIC to sell Atlantic Aviation for $4.475 billion in cash and assumed debt. Atlantic Aviation is a major player in the U.S. private aviation sector, operating a vast network of fixed base operations (FBOs). Following the transaction, MIC expects to distribute approximately $3.298 billion to unitholders, equating to about $37.35 per unit. The sale is anticipated to close in Q4 2021, pending necessary approvals.

Macquarie Infrastructure Corporation (NYSE: MIC) announced the overwhelming approval of its proposed merger plan at a Special Meeting of Shareholders on May 6, 2021, receiving support from 99.6% of voters. The reorganization aims to shift the Company into a listed limited liability company classified as a partnership for tax purposes. This plan is anticipated to take effect before the sale of Atlantic Aviation, expected in 2021, with MIC Hawaii set for sale in 2022. However, no definitive agreements have been made for other businesses, introducing uncertainty about future transactions.

Macquarie Infrastructure Corporation (MIC) reported a first-quarter 2021 net income of $13.8 million, a significant improvement from a $7.0 million loss in Q1 2020. This positive shift is primarily due to reduced expenses and lower interest costs. Adjusted EBITDA, excluding non-cash items, rose by 2% to $76.9 million.

Atlantic Aviation and MIC Hawaii segments performed well, with increased flight activity and tourist arrivals. The company raised its 2021 earnings estimates, projecting Adjusted EBITDA between $245 and $260 million for Atlantic Aviation and $35 to $45 million for MIC Hawaii, reflecting confidence in recovery trends.

Macquarie Infrastructure Corporation (MIC) has announced a conference call on May 4, 2021, at 8:00 a.m. Eastern Time to discuss its Q1 2021 financial results. A press release summarizing these results will be published prior to the call. Participants can join by calling +1 877-407-2991 or via webcast at www.macquarie.com/mic. A replay will be available from 2:00 p.m. on May 4 through May 11. The company focuses on providing essential services including airport operations and energy services in the U.S.

Macquarie Infrastructure Corporation (MIC) announced the results of its cash tender offer for 2.00% Convertible Senior Notes due 2023, which expired on March 16, 2021. Approximately 89.1% of the total outstanding Notes, valued at $358,580,000, were validly tendered. MIC will purchase these Notes for $1,000 each, plus accrued interest, totaling about $361.9 million. Post-settlement, $43,920,000 in Notes will remain outstanding. J.P. Morgan acted as Dealer Manager for the offer.

Macquarie Infrastructure Corporation (MIC) announced a Tender Offer to purchase all of its 2.00% Convertible Senior Notes due 2023, totaling $402.5 million outstanding as of February 16, 2021. The company will pay $1,000 for each $1,000 principal amount of Notes accepted for purchase. The offer expires on March 16, 2021, unless extended. There is no minimum amount of Notes required for this Tender Offer. The company plans to fund this with cash on hand.