Macquarie Global Infrastructure Income Fund has completed its $50 million initial public offering of units, Toronto-based Macquarie Global Investments Canada Ltd. said Tuesday.
The units are listed on the Toronto Stock Exchange (TSX:MQI.UN).
The net proceeds of the offering will be invested in a portfolio consisting of infrastructure equity securities issued by global infrastructure companies that own and/or operate infrastructure assets.
The closed-end fund intends to provide holders of units with quarterly cash distributions, initially targeted to be $0.15 per unit ($0.60 per year representing an annual cash distribution of 6.0% based on the $10.00 per unit issue price).
Macquarie Capital Investment Management LLC (MCIM) will act as the portfolio manager of the fund.
MCIM is part of the Macquarie Funds Group, Australia’s largest asset manager and world’s largest infrastructure investor with over $366 billion globally in assets under management.
Toronto-based Aston Hill Capital Markets Inc. (formerly Connor, Clark & Lunn Capital Markets Inc.) will act as the manager of the fund.
The offering is being made through a syndicate of agents co-led by RBC Capital Markets, Macquarie Private Wealth Inc. and CIBC that includes BMO Capital Markets, Scotiabank, National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Manulife Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., HSBC Securities (Canada) Inc. and Mackie Research Capital Corp.