The Macquarie group today announced the successful pricing of the initial public offering of common shares in a new closed-end fund, the Macquarie Global Infrastructure Total Return Fund (the Fund). The Fund has issued 17,000,000 common shares at an initial price of $25.00 per share, resulting in gross proceeds of $425,000,000 (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 will begin trading today on the New York Stock Exchange and the fund’s listing will be formally announced with the ringing of the NYSE opening bell of trading.
MGU is a closed-end management investment company, investing globally in predominantly listed infrastructure companies that own or operate infrastructure assets. The fund’s investment objective is to provide to its investors a high level of total return consisting of dividends and other income, and capital appreciation.
The fund will be advised by Macquarie Infrastructure Fund Adviser, LLC (MIFA). MIFA is a member of the Macquarie group.
“The listing of this fund provides US retail investors the opportunity to gain access to a broad global portfolio of predominantly listed infrastructure companies,” said Oliver Yates, Chairman of MGU and an Executive Director of Macquarie Bank Limited. “MGU is the second US-listed closed-end fund to bear the Macquarie name and once fully invested, will take total US closed-end fund assets under management by members of the Macquarie group and its affiliates to over $1.6 billion,” Mr Yates said.
The underwriting syndicate for the fund was led by Citigroup and co-led by Merrill Lynch & Co.