NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Corporation (NYSE:MIC) announced that no performance fee is payable to its management company, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), for the second quarter of 2016. Performance fees are payable when the total return generated by the Company exceeds that of its benchmark index, the MSCI US Utilities Index, both in the quarter and cumulatively.
As expected, MIC will settle $67.8 million in performance fees generated in the second quarter of 2015 with the issuance of 944,046 shares to MIMUSA. Settlement of one half of the second quarter 2015 performance fee had been deferred for a period of one year. The shares will be issued based on a Volume Weighted Average Price for shares of MIC over the last 15 trading days of the quarter of $71.84 per share.
MIC expects to publish its financial results for the second quarter of 2016 after the close of the markets on August 1, 2016. A conference call during which management is expected to discuss the results will be conducted the morning of August 2, 2016.
MIC owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, a gas processing and distribution business, Hawaii Gas, and entities comprising a Contracted Power and Energy segment. For additional information, please visit the MIC website at www.macquarie.com/mic. MIC-G
MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.