Macquarie Infrastructure Company Closes Acquisition of San Jose Jet Center

NEW YORK, Aug. 23 /PRNewswire-FirstCall/ -- Macquarie Infrastructure Company (NYSE: MIC), a market leader in the ownership and operation of infrastructure businesses in the U.S., announced that it has completed its previously disclosed purchase of the two fixed base operations ("FBOs") at Mineta San Jose International Airport known as the San Jose Jet Center ("SJJC"). MIC completed the acquisition on August 17.

The acquired FBOs will be combined with MIC's existing Atlantic Aviation sites. Including the SJJC facilities and the recently acquired Mercury network of 24 sites, Atlantic will operate a total of 69 FBOs, the largest such network in the U.S.

"The San Jose Jet Center is one of the finest facilities in the industry and the sole FBO operator at San Jose International airport", said Peter Stokes, CEO of Macquarie Infrastructure Company. "We are pleased to be able to add this site to our network of Atlantic Aviation facilities and further expand its nationwide presence into the important 'Silicon Valley' market."

The Company paid an aggregate $163.4 million, including integration expenses and transaction related costs for SJJC. MIC funded a portion of the acquisition with $60.0 million drawn on its acquisition-related revolving credit facility. The remainder was funded with an $80.0 million 2-year term loan at the SJJC level and cash. SJJC also drew approximately $2.1 million on the working capital portion of the facility for the reimbursement of certain costs incurred by the seller for the construction of a hangar. The Company intends to refinance all of the debt related to its airport services business, including the term loan and the $60.0 million revolving debt balance, into a single facility.

The FBOs will be rebranded and integrated into the Company's existing Atlantic Aviation operations. The integration is expected to take place over a period of 12 to 18 months. MIC will report the financial results of the new facilities as a component of its airport services business segment.

FBOs provide fuel and fuel-related services, terminal services and aircraft hangarage to the general aviation community. Including the SJJC sites, more than 70% of Atlantic's FBOs operate as the sole or one of two FBOs on their respective airport.

About Macquarie Infrastructure Company

MIC owns, operates and invests in a diversified group of infrastructure businesses, which provide basic, everyday services, to customers in the United States. Its businesses consist of an airport services business, a fifty percent indirect interest in a bulk liquid storage terminal business, a gas production and distribution business, a district energy business, and an airport parking business. The Company is managed by a wholly-owned subsidiary of Macquarie Bank Limited. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G