Macquarie receives $110 million payment from liquid storage subsidiary
Jun 15, 2012 11:37 AM
Macquarie Infrastructure Company announced it has received a $110.6 million payment from its bulk liquid storage terminal business. On March 30, 2012, an arbitration panel awarded MIC and its co-investor in International-Matex Tank Terminals a total of $221.2 million in dividends for the five quarters ending December 31, 2011.
The Company also announced that its Macquarie Infrastructure Management (USA), currently intends to reinvest base management fees and any performance fees to which it becomes entitled in additional LLC interests. MIC’s Manager intends to reinvest its fees until the Company has successfully refinanced the debt facilities of its Atlantic Aviation business. The Atlantic Aviation debt facilities mature in October of 2014.
MIC previously indicated that it expects to use the proceeds of the arbitration award to increase its quarterly shareholder dividend. The precise timing and amount of any future dividend will depend on the continued stable performance of the Company’s businesses, the economic conditions prevailing at the time of any authorization, the timing of the receipt of cash from IMTT, compliance by the Company’s co-investor with the dividend provisions of the IMTT Shareholders’ Agreement in the future, and authorization by the MIC board of directors.
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