Macquarie Group Announces New Closed-End Fund IPO on New York Stock Exchange
29 Março 2004 - 5:39PM
PR Newswire (US)
Macquarie Group Announces New Closed-End Fund IPO on New York Stock
Exchange NEW YORK, March 29 /PRNewswire-FirstCall/ -- The Macquarie
group today announced the successful pricing of the initial public
offering of common shares in a new closed-endfund, the
Macquarie/First Trust Global Infrastructure/Utilities Dividend
& Income Fund (the Fund). The Fund has issued 8,500,000 common
shares at an initial price of $20.00 per share, resulting in gross
proceeds of $170,000,000 (exclusive of the underwriters'
overallotments). In addition, underwriters' overallotments of up to
15% of the total fund size may be exercised. The Fund's shares
began trading on the New York Stock Exchange on March 26, 2004, and
its listing will be formally announced with the ringing of the NYSE
opening bell on Tuesday March 30, 2004. MFD is a closed-end
management investment company, investing predominantly in listed
infrastructure and utilities companies in selected developed
countries globally. The Fund will be advised by First Trust
Advisors LP, and will be sub-advised by Macquarie Infrastructure
Fund Adviser, LLC (MIFA) and Four Corners Capital Management, LLC
(Four Corners). MIFA and Four Corners are both members of the
Macquarie group. "The establishment of this Fund is a significant
milestone for MIFA and the Macquarie group in the United States,"
said Oliver Yates, Executive Director of Macquarie Securities (USA)
Inc. "MFD will provide an opportunity for US retail investors to
gain access to a broad non-U.S. portfolio of predominantly listed
infrastructure and utilities companies," Mr. Yates said. The Fund's
investment objective is to seek a high level of current return
consisting of dividends, interest and other similar income while
attempting to preserve capital. In pursuing this objective, the
Fund will seek to manage its investments and expenses so that a
significant portion of its distributions to common shareholders
will qualify as tax-advantaged dividends. There can be no assurance
that the Fund will achieve its investment objective. The Fund will
aim to build a portfolio of dividend and other income-paying stock
in predominantly listed companies focusing on owning, managing
and/or operating infrastructure and utilities assets in the UK
andother current EU countries, Australia, Canada, the US, New
Zealand, and Switzerland. In addition, the Fund has the ability to
invest in three developed Asian countries - Japan, Hong Kong and
Singapore. The Fund also intends to invest in senior secured US
dollar-denominated floating rate loans issued by infrastructure and
utilities companies. It is intended that the proceeds from the
listing of MFD be invested within a three to six month period in
securities and instruments that meet the investment objective and
policies of the Fund. The lead manager of the underwriting
syndicate for the Fund was Merrill Lynch & Co. For more
information about the Fund, including risk considerations, charges
and expenses, please call 800-988-5891 for a prospectus. ABOUT THE
MACQUARIE GROUP AND MIFA The Macquarie group comprises Macquarie
Bank Limited (MBL), a company authorised under the Banking Act 1959
(Cth) to conduct banking business in Australia, and its worldwide
affiliated entities. MBL is not licensed to conduct banking
business in the US. MBL maintains a Representative Office in New
York and Texas. Macquarie Bank Limited is publicly listed on the
Australian Stock Exchange, with a market capitalisation of
approximately $6 billion. The Macquarie group has assets under
management of over $38 billion (all figures as of 30 September
2003). The Macquarie group is a global leader in the acquisition,
funding and management of infrastructure and utility assets, and
manages approximately $11 billion of equity in infrastructure and
utilities funds around the world including toll roads, airports,
communications, water, rail and power assets. The Macquarie group
has been active in the United States for more than a decade and has
over 250 employees in offices in Chicago, Houston, Los Angeles,
Memphis, New York, San Diego, San Jose and Seattle. Macquarie
Infrastructure Fund Adviser, LLC (MIFA) is a newly organized
registered investment adviser and a member of the Macquarie group.
ABOUT FOUR CORNERS FourCorners Capital Management LLC,
headquartered in Los Angeles, is a member of the Macquarie group
and is a specialist manager of corporate credit through portfolios
of senior loans and structured finance assets. Four Corners was
founded in 2001 by an experienced team of US investment
professionals and by the Macquarie group who, through affiliates,
is a majority owner of Four Corners. Four Corners currently advises
on approximately $1 billion of assets under management across five
senior loan funds (including FCM, a senior loan closed- end fund
listed on the American Stock Exchange) and managed accounts as well
as one structured investment vehicle. ABOUT FIRST TRUST First Trust
Advisors L.P. is a leader in providing financial services to the
unit investment trust and closed-end fund marketplace. For its
closed-end product line, First Trust Advisors has chosen to partner
with respected asset managers with a strong track record in the
asset class targeted. First Trust Advisors served as investment
adviser or portfolio supervisor of over $10.9 billion in assets as
of December 31, 2003. DATASOURCE: Macquarie CONTACT: Oliver Yates,
Executive Director of Macquarie Securities (USA) Inc.,
+1-212-548-2559, or Alex Doughty, Corporate Communications,
Macquarie Holdings (USA) Inc., +1-212-548-2740, mobile, +1-646-824
1708; or Kristin Sadlon of Porter Novelli, +1-212-601-8192, mobile,
+1-646-334-0463, for the Macquarie Group
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