Macquarie Infrastructure Corporation announced the successful refinancing and upsizing of its holding company level senior secured revolving credit facility to $600 million with J.P. Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto. The new facility includes an uncommitted accordion option to increase drawings to $800 million, subject to satisfaction of certain conditions.

The new facility replaces a revolving credit facility of $410 million at the MIC holding company level. $145 million was drawn on the new facility at closing. Drawings on the facility are available for general corporate purposes.

The new credit facility bears interest at the London Interbank Offered Rate (LIBOR) plus a fixed margin. The rate on the drawn balance at closing was a weighted average of 3.3% per annum.

The refinancing extended of the maturity of the credit facility by approximately two and half years to January 3, 2022. The Company notes that this date is beyond the July 2019 maturity of a $350 million tranche of holding company level convertible notes.