Macquarie Infrastructure Corporation (MIC) completed a successful refinancing and increased its revolving credit facility to $600 million.

According to a related 8-K filing, JPMorgan Chase served as administrative agent for the new facility.

The new facility includes an uncommitted accordion option to increase drawings to $800 million, subject to satisfaction of certain conditions. It 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 facility bears interest at the 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.

MIC owns and operates a diversified group of businesses providing basic services to customers in the U.S.