Exhibit 99.1
MACQUARIE INFRASTRUCTURE COMPANY LLC
600 FIFTH AVENUE
21ST FLOOR
NEW YORK, NY 10020
USA
MEDIA RELEASE
MACQUARIE INFRASTRUCTURE COMPANY TRUST ANNOUNCES
PERFORMANCE FEE FOR PERIOD ENDED DECEMBER 31,2004,
COMPLETION OF GENERAL AVIATION HOLDINGS ACQUISITION AND
REAFFIRMS DIVIDEND GUIDANCE
(MACQUARIE LOGO)
NEW YORK, JANUARY 18, 2005 - Macquarie Infrastructure Company (NYSE: MIC) today
advised that a performance fee of $12.088 million is payable to its Manager,
Macquarie Infrastructure Management (USA) Inc., for the quarterly period ended
December 31, 2004.
Under the terms of its management services agreement, the Manager of MIC is
eligible to earn a performance fee each quarter if the MIC Accumulation Index(1)
outperforms a benchmark represented by a weighted average of the MSCI U.S.
IMI/Utilities Index and the MSCI Europe Utilities Index(2). The performance fee
payable is 20% of the outperformance by the MIC Accumulation Index over the
Benchmark for the period.
In the period since MIC's initial public offering on December 16, 2004 to
December 31, 2004, the MIC Accumulation Index has outperformed the benchmark by
9.08%, or $60.442 million. The MIC Accumulation Index increased by 12.34% over
the period compared to a 3.26% increase for the benchmark. This outperformance
results in a performance fee payable of $12.088 million.
The increase in shareholder value both in absolute and relative terms follows
the successful completion of the Company's initial public offering in December
2004. The Manager has elected to apply the performance fee to a subscription for
MIC trust stock at the market price of the trust stock subsequent to MIC's
earnings release for the quarter ended December 31, 2004.
MIC reaffirms its stated dividend policy to declare and pay an initial quarterly
distribution for the quarter ended March 31, 2005 of $0.50 per share. MIC also
intends to pay an initial distribution to shareholders, pro-rated for the period
from the completion of the Company's initial public offering to December 31,
2004, at the same rate as such initial quarterly distribution that will be paid
at the same time as the initial quarterly distribution.
The Company also today announced the completion of the acquisition of General
Aviation Holdings by its airport services business, Atlantic. The total funds
required for the acquisition of $53.4 million (which includes reserves and
transaction costs) were sourced from an expansion of Atlantic's current credit
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1 The MIC Accumulation Index is calculated by Morgan Stanley Capital
International Inc and reflects the total return performance of MIC trust stock.
2 The return of the MSCI US IMI/Utilities Index and MSCI Europe Utilities Index
reflects the total return from investing in the stocks of a diversified group of
utility companies located in the United States and Western Europe respectively.
AUSTRALIAN BANKING REGULATIONS THAT GOVERN THE OPERATIONS OF MACQUARIE BANK
LIMITED AND ALL OF ITS SUBSIDIARIES, INCLUDING THE COMPANY'S MANAGER, REQUIRE
THE FOLLOWING STATEMENTS. INVESTMENTS IN MACQUARIE INFRASTRUCTURE COMPANY TRUST
ARE NOT DEPOSITS WITH OR OTHER LIABILITIES OF MACQUARIE BANK LIMITED OR OF ANY
MACQUARIE GROUP COMPANY AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE
DELAYS IN REPAYMENT AND LOSS OF INCOME AND PRINCIPAL INVESTED. NEITHER MACQUARIE
BANK LIMITED NOR ANY OTHER MEMBER COMPANY OF THE MACQUARIE GROUP GUARANTEES THE
PERFORMANCE OF MACQUARIE INFRASTRUCTURE COMPANY TRUST OR THE REPAYMENT OF
CAPITAL FROM MACQUARIE INFRASTRUCTURE COMPANY TRUST.
facility by $32 million and $21.4 million from the proceeds from the Company's
initial public offering. The closing of the acquisition represents the
completion of the acquisition of MIC's initial businesses and investments as
described in its initial public offering prospectus.
ABOUT MACQUARIE INFRASTRUCTURE COMPANY
MIC owns, operate and invests in a diversified group of infrastructure
businesses, which provide basic, everyday services, in the United States and
other developed countries. Its initial businesses and investments consist of an
airport services business (Atlantic and AvPorts), an airport parking business
(PCAA and Avistar) and a district energy business (Thermal Chicago and Northwind
Aladdin), a 50% interest in the company that operates the Yorkshire Link Shadow
toll road and investments in South East Water, a UK regulated water utility and
in Macquarie Communications Infrastructure Group.
The Trust has been formed for the sole purpose of owning all the limited
liability company interests of the Company and issuing the shares of trust
stock. Owners of shares of trust stock will effectively have the voting rights
of, and will receive all distributions on, the corresponding interests in the
Company.
More information on Macquarie Infrastructure Company can be found on the
Company's website, www.macquarie.com/mic.
FOR FURTHER INFORMATION, PLEASE CONTACT:
INVESTOR ENQUIRIES MEDIA ENQUIRIES
Peter Stokes Alex Doughty
Chief Executive Officer Corporate Communications
Macquarie Infrastructure Company Macquarie Infrastructure Company
(212) 548-6538 (212) 548-2740