Macquarie Infrastructure (NYSE:MIC) announced that in response to the impact of COVID-19, the Company is withdrawing its guidance and suspending its quarterly cash dividend.
The suspension of the Company’s cash dividend will result in MIC retaining ~$260M through 2020.
To increase liquidity, on March 17, 2020 MIC drew $599M on its holding company Revolving Credit Facility and $275M on its Atlantic Aviation Revolving Credit Facility.
The drawdowns added to the Company’s ~$300M of cash on hand.
"These measures will increase our balance sheet strength and liquidity and position us well to withstand the current slowdown in activity,” said Christopher Frost, CEO.
