BROOKFIELD INFRASTRUCTURE PARTNERS EXCHANGE L.P. ANNOUNCES RECORD AND EFFECTIVE DATES FOR UNIT SPLIT
March 10 2020 - 7:01AM
Brookfield Infrastructure Partners Exchange L.P. (“
Exchange
LP”), a subsidiary of Brookfield Infrastructure Partners
L.P. (“
BIP”), today announced that, in connection
with BIP’s previously announced special distribution (the
“
Special Distribution”) of class A exchangeable
subordinate voting shares (“
Shares”) of Brookfield
Infrastructure Corporation (“
BIPC”) to holders of
BIP’s limited partnership units (“
BIP Units”),
Exchange LP’s Board of Directors has approved a ten-for-nine unit
split (the “
Unit Split”) of Exchange LP’s
outstanding exchangeable units (“
Exchangeable
Units”). The Unit Split will be implemented by way of a
subdivision on March 31, 2020.
Exchange LP is undertaking the Unit Split in
connection with the Special Distribution. For more information on
the Special Distribution, please refer to BIP’s press release of
March 10, 2020. Instead of participating directly in the Special
Distribution, Exchange LP unitholders of record as of March 20,
2020 will receive approximately 0.11 of an additional Exchangeable
Unit for every Exchangeable Unit held (i.e. one additional
Exchangeable Unit for every nine Exchangeable Units held). Any
fractional Exchangeable Units to be issued to registered Exchange
LP unitholders as a result of the Unit Split will be rounded to the
nearest whole Exchangeable Unit, with each half unit being rounded
to the next higher unit. The Unit Split will not be taxable in
Canada.
Exchange LP will use the direct registration
system (“DRS”) to electronically register the
additional Exchangeable Units issued pursuant to the Unit Split,
rather than issuing paper certificates to registered unitholders. A
DRS advice statement, indicating the additional Exchangeable Units
to which registered unitholders are entitled as a result of the
Unit Split, will be mailed to unitholders entitled to the Unit
Split following March 31, 2020. The combination of any old Exchange
LP book-entry units and the new DRS advice statement sent will
represent each registered unitholder’s total post-Unit Split
unitholdings. For beneficial unitholders who hold their units in an
account with a broker or other intermediary, their account will be
automatically updated to reflect the Unit Split.
In order to participate directly in the Special
Distribution instead of receiving an additional Exchangeable Unit
as described above, holders of Exchangeable Units are required to
exchange their Exchangeable Units for BIP Units prior to the record
date for the Special Distribution. Because such an exchange may
have tax consequences, we urge such holders of Exchangeable Units
to consult with their own tax, legal or financial advisors.
Brookfield Infrastructure Exchange
L.P. is a subsidiary of Brookfield
Infrastructure Partners L.P., a leading global infrastructure
company that owns and operates high quality, long-life assets in
the utilities, transport, energy and data infrastructure sectors
across North and South America, Asia Pacific and Europe. Brookfield
Infrastructure Partners is focused on assets that generate stable
cash flows and require minimal maintenance capital expenditures.
Brookfield Infrastructure Partners is listed on the New York and
Toronto stock exchanges. Further information is available at
www.brookfield.com/infrastructure.
Brookfield Infrastructure Partners is the
flagship listed infrastructure company of Brookfield Asset
Management, a global alternative asset manager with over $540
billion of assets under management. For more information, go to
www.brookfield.com.
For more information please contact:
Media: Claire HollandVice President,
Communications Tel: (416) 369-8236Email:
claire.holland@brookfield.com |
Investors:Melissa LowVice President, Investor
Relations Tel: (416) 956-5239 Email:
melissa.low@brookfield.com |
Note: This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. The words “will”, “may” or derivations thereof and
other expressions which are predictions of or indicate future
events, trends or prospects, and which do not relate to historical
matters, identify forward-looking statements. Forward-looking
statements in this news release include statements regarding the
Special Distribution and the Unit Split. Although BIP and Exchange
LP believe that these forward-looking statements and information
are based upon reasonable assumptions and expectations, the reader
should not place undue reliance on them, or any other
forward-looking statements or information in this news release. The
future performance and prospects of BIP and Exchange LP are subject
to a number of known and unknown risks and uncertainties. In
particular, the Special Distribution is subject to the approval of
the United States Securities and Exchange Commission and Canadian
securities regulators. Factors that could cause actual results of
BIP or Exchange LP to differ materially from those contemplated or
implied by the statements in this news release include risks and
factors described in the documents filed by BIP with securities
regulators in Canada and the United States including under “Risk
Factors” in BIP’s most recent Annual Report on Form 20-F and other
risks and factors that are described therein and in the U.S.
registration statement that has been filed, and the final
prospectus that will be filed, in connection with the Special
Distribution. Except as required by law, BIP and Exchange LP
undertake no obligation to publicly update or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise.
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