Brookfield Infrastructure Announces Results of Reclassification of its Series 9 Preferred Units

Rhea-AI Summary

Brookfield Infrastructure (NYSE: BIP) announced that there will be no reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 9, into Series 10. The decision follows the receipt of 18,000 election notices by the March 16, 2023 deadline, falling significantly short of the 1,000,000 required for reclassification. As a result, holders will retain their Series 9 Units. Brookfield continues to operate quality assets generating stable cash flows across various global sectors, enhancing its investment appeal.

Positive

• Retention of Series 9 Units may lead to stability for current investors.
• Brookfield Infrastructure maintains a strong portfolio with long-life assets across utilities, transport, midstream, and data sectors.

Negative

• Only 18,000 Series 9 Units tendered, indicating lower investor interest than anticipated.
• Failure to meet reclassification threshold of 1,000,000 units may be perceived negatively by the market.

BROOKFIELD, News, March 17, 2023 (GLOBE NEWSWIRE) -- Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) today announced that after having taken into account all election notices received by the March 16, 2023 deadline for the reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 9 (the “Series 9 Units”) (TSX: BIP.PR.E) into Cumulative Class A Preferred Limited Partnership Units, Series 10 (the “Series 10 Units”), it has determined that there will be no reclassification of Series 9 Units into Series 10 Units, and holders of Series 9 Units will retain their Series 9 Units.

There were 18,000 Series 9 Units tendered for reclassification, which is less than the 1,000,000 units required to give effect to reclassifications of Series 9 Units into Series 10 Units.

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 generate stable cash flows and require minimal maintenance capital expenditures. 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 www.bip.brookfield.com.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Corporation, a global alternative asset manager with approximately $800 billion of assets under management. For more information, go to www.brookfield.com.

Contact Information

Media Sebastien Bouchard Vice President, Communications Tel: +1 (416) 943-7937 Email: sebastien.bouchard@brookfield.com

Investor Relations Stephen Fukuda Vice President, Corporate Development & Investor Relations Tel: +1 (416) 956-5129 Email: stephen.fukuda@brookfield.com

FAQ

What was the outcome of Brookfield Infrastructure's Series 9 Units reclassification on March 17, 2023?

Brookfield Infrastructure announced there will be no reclassification of Series 9 Units into Series 10 Units.

How many Series 9 Units were tendered for reclassification by the deadline?

A total of 18,000 Series 9 Units were tendered, which is significantly less than the 1,000,000 required for reclassification.

What does the retention of Series 9 Units mean for investors?

Investors will retain their Series 9 Units, which may provide stability in their investment.

What is Brookfield Infrastructure's stock symbol?

The stock symbol for Brookfield Infrastructure is BIP.

What sectors does Brookfield Infrastructure operate in?

Brookfield Infrastructure operates in utilities, transport, midstream, and data sectors globally.