Brookfield Infrastructure Renews Its Limited Partnership Unit and Preferred Unit Normal Course Issuer Bids
November 07 2017 - 5:35PM
Brookfield Infrastructure Partners L.P. (“Brookfield
Infrastructure”) (NYSE:BIP); (TSX:BIP.UN) today announced that the
Toronto Stock Exchange (the “TSX”) accepted a notice filed by
Brookfield Infrastructure of its intention to renew its normal
course issuer bid for its outstanding limited partnership units
(“LP Units”) and its class A preferred limited partnership units
(“Preferred Units”, together with the LP Units, “Units”).
Brookfield Infrastructure believes that in the event that the Units
trade in a price range that does not fully reflect their value, the
acquisition of Units may represent an attractive use of available
funds.
Under the normal course issuer bid, the Board of
Directors of the general partner of Brookfield Infrastructure
authorized Brookfield Infrastructure to repurchase up to 5% of the
issued and outstanding LP Units, or 13,823,709 LP Units. At the
close of business on October 31, 2017, there were 276,474,182 LP
Units issued and outstanding. Under the normal course issuer bid,
Brookfield Infrastructure may purchase up to 87,189 LP Units on the
TSX during any trading day, which represents 25% of the average
daily trading volume of 348,757 LP Units on the TSX for the six
months ended October 31, 2017, calculated in accordance with the
rules of the TSX.
There are currently four series of Preferred
Units outstanding and which trade exclusively on the TSX. Under the
normal course issuer bid, Brookfield Infrastructure is authorized
to repurchase a total of up to 10% of the total public float of
each series of the Preferred Units as follows:
Series |
Ticker |
Issued and outstandingunits1 |
Public float1 |
Average daily trading volume2 |
Maximum number of units subject to
purchase3 |
|
|
|
|
|
Total |
Daily |
Series 1 |
BIP.PR.A |
5,000,000 |
5,000,000 |
5,549 |
500,000 |
1,387 |
Series 3 |
BIP.PR.B |
5,000,000 |
5,000,000 |
3,358 |
500,000 |
1,000 |
Series 5 |
BIP.PR.C |
10,000,000 |
10,000,000 |
6,300 |
1,000,000 |
1,575 |
Series 7 |
BIP.PR.D |
12,000,000 |
12,000,000 |
14,078 |
1,200,000 |
3,519 |
- Calculated as at October 31, 2017.
- For the 6 months ended October 31, 2017.
- In accordance with TSX rules, any daily repurchases with
respect to: (i) the Series 3 Preferred Units will be limited to
1,000 Preferred Units of the series and (ii) each of the Series 1,
Series 5 and Series 7 Preferred Units will be limited to 25% of the
average daily trading volume on the TSX of the respective
series.
Repurchases are authorized to commence on
November 10, 2017 and will terminate on November 9, 2018, or
earlier should Brookfield Infrastructure complete its repurchases
prior to such date.
Under its prior normal course issuer bid that
commenced on November 10, 2016 and expires on November 9, 2017,
Brookfield Infrastructure previously sought and received approval
from the TSX to purchase up to 12,181,987 LP Units, 500,000 Series
1 Preferred Units, 500,000 Series 3 Preferred Units and 1,000,000
Series 5 Preferred Units. Brookfield Infrastructure has not
purchased any Units under its prior normal course issuer bid in the
past twelve months.
Purchases of the Series 1, Series 3, Series 5
and Series 7 Preferred Units will be effected through the
facilities of the TSX. Purchases of the LP Units will be effected
through the facilities of the TSX or the New York Stock Exchange.
All Units acquired under the normal course issuer bid will be
cancelled. Repurchases will be subject to compliance with
applicable United States federal securities laws, including Rule
10b-18 under the United States Securities Exchange Act of 1934, as
amended, as well as applicable Canadian securities laws.
From time to time, when Brookfield
Infrastructure does not possess material non-public information
about itself or its securities, it may enter into automatic
purchase plans with its broker to allow for the repurchase of
Units, subject to certain trading parameters, at times when
Brookfield Infrastructure ordinarily would not be active in the
market due to its own internal trading blackout periods, insider
trading rules or otherwise. Any such plans entered into with
Brookfield Infrastructure’s broker will be adopted in accordance
with applicable Canadian and U.S. securities laws including the
requirements of Rule 10b5-1 under the U.S. Securities Exchange Act
of 1934, as amended. The Units subject to an automatic purchase
plan may vary. Outside these periods, Units will be repurchased in
accordance with management’s discretion, subject to applicable
law.
Brookfield Infrastructure
Partners is a leading global infrastructure company that
owns and operates high-quality, long-life assets in the utilities,
transport, energy and communications 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
Partners is listed on the New York and Toronto stock exchanges.
Further information is available at
www.brookfield.com/infrastructure.
Brookfield Infrastructure is the flagship listed
infrastructure company of Brookfield Asset Management, a global
alternative asset manager with approximately $250 billion of assets
under management. For more information, go to
www.brookfield.com.
For more information, please contact:
Media:Claire Holland Vice President,
Communications Tel: (416) 369-8236 Email:
claire.holland@brookfield.com |
Investors:Rene LubianskiSenior Vice President,
Corporate Development Tel: (416) 956-5196 Email:
rene.lubianski@brookfield.com |
Note: This news release contains forward-looking
statements and information within the meaning of applicable
securities laws. The words “believes,” “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
potential future purchases by Brookfield Infrastructure of its
Units pursuant to its normal course issuer bid. 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 include: general
economic conditions; interest rate changes; availability of equity
and debt financing; the performance of the Units or the stock
exchanges generally; and other risks and factors described in the
documents filed by Brookfield Infrastructure with 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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