From SMH.com

Toll road investor Macquarie Infrastructure Group (MIG) has raised about $675 million to fund an investment in a US-based toll road.

MIG entered into an agreement to invest in the Dulles Greenway, a 22 kilometre operating toll road.

The road runs west of Washington DC from Dulles International Airport to Leesburg, Northern Virginia.

The placement, as well as a Security Purchase Plan (SPP), will fund the investment and the financial close is anticipated to occur by mid-September.

MIG chief executive Stephen Allen said the placement was well supported by a broad range of global investors.

An issue price of $3.87 per stapled security was achieved under the book build, representing a 0.5 per cent discount to MIG’s closing price on August 29.

A total of 174.4 million new stapled securities will be issued which are expected to settle on September 6 and commence trading on September 7.

MIG is also offering eligible stapled security holders the opportunity to subscribe for up to $5,000 worth of MIG stapled securities at the price of $3.87 under a SPP.