Brookfield Infrastructure Announces Results of Reclassification of its Series 1 Preferred Units

Rhea-AI Summary

Brookfield Infrastructure (NYSE: BIP) announced that the reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 1 (BIP.PR.A) into Series 2 Units will not occur. Only 298,234 Series 1 Units were tendered for reclassification, falling short of the required 1,000,000 units. Consequently, current holders will retain their Series 1 Units without changes. Brookfield Infrastructure, a leading global infrastructure firm, focuses on stable cash flow-generating assets across various sectors worldwide.

Positive

• Brookfield Infrastructure continues to uphold the existing structure of its Series 1 Units, providing stability to current unit holders.

Negative

• The failure to reach the required threshold for reclassification (1,000,000 units) may indicate lower investor interest in Series 1 Units.

BROOKFIELD, NEWS, June 17, 2020 (GLOBE NEWSWIRE) -- Brookfield Infrastructure (NYSE: BIP; TSX: BIP.UN) today announced that after having taken into account all election notices received by the June 15, 2020 deadline for the reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 1 (the “Series 1 Units”) (TSX: BIP.PR.A) into Cumulative Class A Preferred Limited Partnership Units, Series 2 (the “Series 2 Units”), there were 298,234 Series 1 Units tendered for reclassification, which is less than the 1,000,000 units required to give effect to reclassifications of Series 1 Units into Series 2 Units. Accordingly, there will be no reclassification of Series 1 Units into Series 2 Units, and holders of Series 1 Units will retain their Series 1 Units.

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. 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.brookfield.com/infrastructure.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $515 billion of assets under management. For more information, go to www.brookfield.com.

For more information, please contact:

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Media: Claire Holland Senior Vice President, Communications Tel: (416) 369-8236 Email: claire.holland@brookfield.com

Investors: Rene Lubianski Managing Director, Investments Tel: (416) 956-5196 Email: rene.lubianski@brookfield.com

FAQ

What happened with Brookfield Infrastructure's Series 1 Units on June 17, 2020?

On June 17, 2020, Brookfield Infrastructure announced that there would be no reclassification of Series 1 Units into Series 2 Units due to insufficient election notices.

How many Series 1 Units were tendered for reclassification by the deadline?

A total of 298,234 Series 1 Units were tendered for reclassification, which was below the required 1,000,000 units.

What does this announcement mean for Series 1 Unit holders?

Current holders of Series 1 Units will retain their units, as the reclassification into Series 2 Units will not take place.

What is the stock symbol for Brookfield Infrastructure?

The stock symbol for Brookfield Infrastructure is BIP, listed on NYSE.