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February 06, 2016 9:14 PM ET

Commercial Services and Supplies

Company Overview of International-Matex Tank Terminals, Inc.

Company Overview

International-Matex Tank Terminals, Inc. owns and operates bulk liquid storage terminal facilities for petroleum, chemical, consumer products, utilities, and commodity industries in North America. It stores and handles petroleum products, vegetable and tropical oils, renewable fuels, and various chemicals. The company was founded in 1939 and is headquartered in New Orleans, Louisiana. It has terminal locations in Bayonne, New Jersey; St. Rose, Avondale, Gretna, and Geismar, Louisiana; Chesapeake and Richmond, Virginia; Lemont and Joliet, Illinois; and Richmond, California. International-Matex Tank Terminals, Inc. operates as a subsidiary of Macquarie Infrastructure Company LLC.

321 Saint Charles Avenue

New Orleans, LA 70130

United States

Founded in 1939

Phone:

504-586-8300

Fax:

504-525-9537

Key Executives for International-Matex Tank Terminals, Inc.

Chief Executive Officer and President
Chief Financial Officer and Director
Chief Banking Officer
Head of Government Relations
Vice President of Business Development
Compensation as of Fiscal Year 2015.

International-Matex Tank Terminals, Inc. Key Developments

International-Matex Tank Terminals, Inc. Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Maintenance Capital Expenditures Guidance for 2015

International-Matex Tank Terminals, Inc. announced unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported revenue was $135.436 million compared to $131.920 million a year ago. Operating income was $38.310 million compared to $31.705 million for the same period a year ago. Net income was $11.589 million compared to $16.238 million for the same period a year ago. EBITDA excluding non-cash items was $72.861 million compared to $61.352 million for the same period a year ago. Cash provided by operating activities was $71.332 million compared to $27.350 million for the same period a year ago. Maintenance capital expenditures were $12.036 million compared to $11.169 million for the same period a year ago. For the nine months, the company reported revenue was $415.881 million compared to $422.516 million a year ago. Operating income was $120.554 million compared to $137.459 million for the same period a year ago. Net income was $52.959 million compared to $71.222 million for the same period a year ago. EBITDA excluding non-cash items was $226.913 million compared to $210.260 million for the same period a year ago. Cash provided by operating activities was $157.568 million compared to $123.688 million for the same period a year ago. Maintenance capital expenditures were $20.550 million compared to $37.395 million for the same period a year ago. Macquarie Infrastructure Corporation expects company’s total maintenance capital expenditures for 2015 to be approximately 10% lower than in 2014.

Macquarie Infrastructure Company Announces Refinancing of Long-Term Debt of International-Matex Tank Terminals

Macquarie Infrastructure Company announced that its International-Matex Tank Terminals business has received binding commitments from lenders for the refinancing of the business’ existing credit facilities. The refinancing is expected to close and fund on or about May 21 subject only to satisfaction of customary conditions precedent. The new debt package includes $325 million of senior notes maturing in May of 2025 and $275 million of senior notes maturing in May of 2027. The 10-year notes bear interest at a rate of 3.92% and the 12-year notes bear interest at a rate of 4.02%. Proceeds from the issuance of the notes will be used, in part, to repay the drawn balance on the existing credit facility. IMTT has also entered into a new five year $600 million revolving credit facility. The facility bears interest at a variable rate based on the aggregate leverage of the business. At current levels, the first dollar of borrowing would be assessed interest at a rate of 1.93%. The revolving debt facility is expected to remain undrawn at closing. IMTT’s existing tax exempt bond debt includes approximately $336 million of bonds backstopped by letters of credit that are, in turn, supported by undrawn capacity on the existing revolving credit facility. An additional $173 million of existing tax exempt bond debt does not require letters of credit. $473 million of the tax exempt bond debt will be repurchased and reissued to certain lenders under the new credit agreement and $36 million of the tax exempt bonds will be repurchased and a like amount will be newly issued. The average maturity of the combined new and reissued bonds is expected to increase to seven years from less than three years. With no debt drawn on the revolving credit facility, the weighted average tenor of all drawn components of the debt package would be approximately 9.1 years. Assuming the revolving credit facility is fully drawn, the weighted average tenor of all the components of the debt package would be approximately 7.7 years.

International-Matex Tank Terminals Announces Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

International-Matex Tank Terminals (IMTT) announced unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of $144,951,000 against $130,149,000 a year ago. Operating income was $43,821,000 against $39,412,000 a year ago. Net income was $20,924,000 against $19,982,000 a year ago. EBITDA excluding non-cash items were $74,915,000 against $62,718,000 a year ago. Maintenance capital expenditures were $6,781,000 against $22,715,000 a year ago. Free cash flow was $57,210,000 against $24,754,000 a year ago. Net cash provided by operating activities was $66,300,000 against $43,944,000 a year ago. For the year, the company reported revenues of $567,467,000 against $513,902,000 a year ago. Operating income was $181,280,000 against $171,694,000 a year ago. Net income was $92,146,000 against $87,855,000 a year ago. EBITDA excluding non-cash items were $285,175,000 against $268,489,000 a year ago. Maintenance capital expenditures were $44,176,000 against $83,228,000 a year ago. Free cash flow was $146,225,000 against $120,822,000 a year ago. Net cash provided by operating activities was $189,988,000 against $200,343,000 a year ago.

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