MIC announces completion of sale of Bayonne Energy Center

MIC (Macquarie Infrastructure Corporation) (NYSE: MIC) announced that, following the receipt of regulatory and other approvals, it has completed the sale of the Bayonne Energy Center (“BEC”) to an investment fund managed by Morgan Stanley.

BEC is a 644 megawatt, gas-fired, mid-merit electricity generation facility located in Bayonne, NJ. MIC sold BEC for $900 million in cash and assumed debt. The company received cash proceeds of $649 million, net of customary purchase price adjustments and transaction fees and expenses.

“We are pleased to have completed the sale of BEC in the timeframe we anticipated,” said Christopher Frost, chief executive officer of MIC. “The sale significantly improves MIC’s balance sheet strength and financial flexibility, one of MIC’s key strategic priorities which was outlined earlier in the year.”

MIC has previously indicated that proceeds from the sale of BEC would likely be used to reduce debt and fund a portion of planned growth capital deployments.