Macquarie, a provider of financial services, said that Macquarie Power & Infrastructure Income Fund has completed its conversion to a dividend-paying corporation named Macquarie Power and Infrastructure Corporation (MPIC).
Macquarie said that the conversion was completed pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) in accordance with the final order of the Supreme Court of British Columbia.
With this change, MPIC’s common shares and 6.50% convertible debentures will trade on the Toronto Stock Exchange (TSX) under the symbols MPT and MPT DB A, respectively, subject to satisfaction of the customary conditions of the TSX.
The terms of the debentures of the fund have also automatically been amended so that the debentures are now direct obligations of MPIC and will continue to have substantially the same terms and conditions, with the automatic adjustment that they will be convertible into MPIC common shares in accordance with their terms.
The conversion is expected to qualify as a tax-deferred reorganization for Canadian and US income tax purposes.