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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