Brookfield Infrastructure Announces Reset Distribution Rate on Its Series 11 Preferred Units
December 04 2023 - 4:30PM
Brookfield Infrastructure Partners L.P. (“Brookfield
Infrastructure”) (NYSE: BIP; TSX: BIP.UN) today announced that it
has determined the fixed distribution rate on its Cumulative Class
A Preferred Limited Partnership Units, Series 11 (“Series 11
Units”) (TSX: BIP.PR.F) for the five years commencing January 1,
2024 and ending December 31, 2028.
Series 11 Units and Series 12 Units
If declared, the fixed quarterly distributions
on the Series 11 Units during the five years commencing January 1,
2024 will be paid at an annual rate of 6.446% ($0.402875 per unit
per quarter).
Holders of Series 11 Units have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on December 18, 2023, to reclassify all or part of their Series 11
Units, on a one-for-one basis, into Cumulative Class A Preferred
Limited Partnership Units, Series 12 (“Series 12 Units”), effective
December 31, 2023.
The quarterly floating rate distributions on the
Series 12 Units will be paid at an annual rate, calculated for each
quarter, of 2.92% over the annual yield on three-month Government
of Canada treasury bills. The actual quarterly distribution rate in
respect of the January 1, 2024 to March 31, 2024 distribution
period for the Series 12 Units will be 1.98505% (7.962% on an
annualized basis) and the distribution, if declared, for such
distribution period will be $0.4962625 per unit, payable on March
31, 2024.
Holders of Series 11 Units are not required to
elect to reclassify all or any part of their Series 11 Units into
Series 12 Units.
As provided in the unit conditions of the Series
11 Units, (i) if Brookfield Infrastructure determines that there
would be fewer than 1,000,000 Series 11 Units outstanding after
December 31, 2023, all remaining Series 11 Units will be
automatically reclassified into Series 12 Units on a one-for-one
basis effective December 31, 2023; or (ii) if Brookfield
Infrastructure determines that there would be fewer than 1,000,000
Series 12 Units outstanding after December 31, 2023, no Series 11
Units will be reclassified into Series 12 Units. There are
currently 9,936,190 Series 11 Units outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 12 Units effective
upon reclassification. Listing of the Series 12 Units is subject to
Brookfield Infrastructure fulfilling all the listing requirements
of the TSX.
About Brookfield
Infrastructure
Brookfield Infrastructure is a leading global
infrastructure company that owns and operates high-quality,
long-life assets in the utilities, transport, midstream and data
sectors across North and South America, Asia Pacific and Europe. We
are focused on assets that have contracted and regulated revenues
that generate predictable and stable cash flows. Investors can
access its portfolio either through Brookfield Infrastructure
Partners L.P. (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited
partnership, or Brookfield Infrastructure Corporation (NYSE, TSX:
BIPC), a Canadian corporation. Further information is available at
http://bip.brookfield.com.
Brookfield Infrastructure is the flagship listed
infrastructure company of Brookfield Asset Management, a global
alternative asset manager with over US$850 billion of assets under
management. For more information, go to https://brookfield.com.
Contact Information
Media: |
Investor Relations: |
Simon Maine Managing DirectorCorporate CommunicationsTel: +44 739
890 9278Email: simon.maine@brookfield.com |
Stephen FukudaVice PresidentCorporate Development & Investor
RelationsTel: +1 (416) 956-5129Email:
stephen.fukuda@brookfield.com |
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