Brookfield Infrastructure to Issue $400 Million of Medium Term Notes
April 03 2020 - 8:15PM
Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) today announced
that it has agreed to sell $400 million aggregate principal amount
of medium term notes (the “Additional Notes”), comprised of $200
million aggregate principal amount of a re-opening of its 4.193%
medium term notes, Series 6 (the “Additional Series 6 Notes”), due
September 11, 2028 and $200 million aggregate principal amount of a
re-opening of its 3.41% medium term notes, Series 7 (the
“Additional Series 7 Notes”), due October 9, 2029. A subsidiary of
Brookfield Infrastructure, Brookfield Infrastructure Finance ULC
will be the recipient of the net proceeds and have primary
responsibility for the payment of principal and interest on the
Additional Notes. The Additional Notes will be fully and
unconditionally guaranteed by Brookfield Infrastructure and certain
of its key holding subsidiaries.
The terms of the Additional Series 6 Notes and
Additional Series 7 Notes, other than the issue date and the price
to the public, will be identical to the terms of the C$500 million
aggregate principal amount of 4.193% medium term notes, Series 6,
due September 11, 2028 and the C$500 million aggregate principal
amount of 3.41% medium term notes, Series 7, due October 9, 2029
that were issued by Brookfield Infrastructure in September 2018 and
October 2019, respectively. The Additional Series 6 Notes and
Additional Series 7 Notes will be issued at a price of $100.552 and
$94.244, respectively, plus accrued interest, with an effective
yield of 4.113% and 4.149%, respectively, if held to maturity. An
aggregate principal amount of $700 million of 4.193% medium term
notes, Series 6, due September 11, 2028 and an aggregate principal
amount of $700 million of 3.41% medium term notes, Series 7, due
October 9, 2029 will be outstanding after giving effect to this
offering.
The Additional Notes will be issued pursuant to
a base shelf prospectus dated November 23, 2018 and a related
prospectus supplement and pricing supplements to be dated April 3,
2020. The issue is expected to close on or about April 7, 2020
subject to customary closing conditions. Brookfield Infrastructure
intends to use the net proceeds from the sale of the Additional
Notes to fund an active pipeline of investment opportunities and
for general working capital purposes. The Additional Notes have
been rated BBB+ by Standard & Poor’s Rating Services.
The Additional Notes are being offered through a
syndicate of agents led by RBC Dominion Securities Inc., TD
Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc. and
CIBC World Markets Inc., and including National Bank Financial
Inc., HSBC Securities (Canada) Inc. and MUFG Securities (Canada),
Ltd.
This news release shall not constitute
an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction, nor shall there be any offer or
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been approved or disapproved by any regulatory
authority nor has any such authority passed upon the accuracy or
adequacy of the short form base shelf prospectus or the prospectus
supplement. The offer and sale of the securities has not been and
will not be registered under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold in the United States
or to United States persons absent registration or an applicable
exemption from the registration requirements of the U.S. Securities
Act and applicable state securities laws.
Brookfield Infrastructure
Partners is 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. We are focused on assets
that generate stable cash flows and require minimal maintenance
capital expenditures.
Brookfield Infrastructure is the flagship listed
infrastructure company of Brookfield Asset Management, a leading
global alternative asset manager with over $540 billion of assets
under management. More information is available at
www.brookfield.com.
Brookfield Infrastructure Partners is listed on
the New York and Toronto stock exchanges. Further information is
available at https://bip.brookfield.com and investors are
encouraged to consult the website.
For more information, please contact:
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Media: |
Investors: |
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Claire Holland |
Melissa Low |
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Senior Vice President, Communications |
Senior Vice President, Investor Relations |
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Tel: (416) 369-8236 |
Tel: (416) 956-5239 |
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Email: claire.holland@brookfield.com |
Email: melissa.low@brookfield.com |
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Note: This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. The words, “will”, “expected”, “intends” 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 the above mentioned and
other forward-looking statements. Forward-looking statements in
this news release include statements regarding the terms, use of
proceeds and closing of the offering. Although Brookfield
Infrastructure believes 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 Brookfield Infrastructure are
subject to a number of known and unknown risks and uncertainties.
Factors that could cause actual results of Brookfield
Infrastructure to differ materially from those contemplated or
implied by the statements in this news release are described in the
documents filed by Brookfield Infrastructure with the securities
regulators in Canada and the United States including under “Risk
Factors” in Brookfield Infrastructure’s most recent Annual Report
on Form 20-F and other risks and factors that are described
therein. Except as required by law, Brookfield Infrastructure
undertakes 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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