Brookfield Infrastructure Completes Offering of $300 Million of Perpetual Subordinated Notes

Rhea-AI Summary

BROOKFIELD, NEWS, Jan. 21, 2022 – Brookfield Infrastructure Partners L.P. (NYSE: BIP) has closed a public offering of $300 million in fixed-rate perpetual subordinated notes with a 5.125% coupon. The notes will be listed under the symbol 'BIPI' on the NYSE. Proceeds will be used to redeem its Class A Preferred Units, Series 7, due March 31, 2022, and for general working capital. The underwriting was managed by Wells Fargo, BofA, Morgan Stanley, RBC Capital Markets, and Citigroup. Brookfield Infrastructure operates infrastructure assets generating stable cash flows worldwide.

Positive

• Successful closure of $300 million public offering at a fixed coupon of 5.125%.
• Proceeds allocated for redeeming Class A Preferred Units, enhancing capital structure.

Negative

• None.

All amounts in U.S. dollars

BROOKFIELD, NEWS, Jan. 21, 2022 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (NYSE: BIP; TSX: BIP.UN) (“Brookfield Infrastructure”) today announced the closing of a public offering of $300 million of fixed rate perpetual subordinated notes (the “Notes”).

The Notes have a fixed coupon of 5.125% and will be listed on the New York Stock Exchange under the symbol “BIPI”. Brookfield Infrastructure intends to use the net proceeds of the offering for the redemption of its Class A Preferred Units, Series 7, which are redeemable by Brookfield Infrastructure on March 31, 2022, with the remainder to be used for working capital purposes.

The Notes were issued by BIP Bermuda Holdings I Limited, an indirect wholly owned subsidiary of Brookfield Infrastructure, and are guaranteed on a subordinated basis by Brookfield Infrastructure and certain of its other subsidiaries.

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Citigroup Global Markets Inc. acted as joint book-running managers for the offering.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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.

Brookfield Infrastructure Partners is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with approximately $650 billion of assets under management.

Contact information:
Media:	Investors:
Sebastien Bouchard	Kate White
Vice President, Communications	Manager, Investor Relations
(416) 943-7937	(416) 956-5183
sebastien.bouchard@brookfield.com	kate.white@brookfield.com

Cautionary Statement Regarding Forward-looking Statements

Note: This news release may contain forward-looking statements and information within the meaning of applicable securities laws. The words “will” and “intends”, derivatives 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 the offering and the use of proceeds therefrom, including the redemption of Brookfield Infrastructure’s Class A Preferred Units, Series 7. 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.     

FAQ

What is the fixed rate of the subordinated notes issued by Brookfield Infrastructure (BIP)?

The fixed rate of the subordinated notes issued by Brookfield Infrastructure is 5.125%.

When are Brookfield Infrastructure's Class A Preferred Units, Series 7 redeemable?

Brookfield Infrastructure's Class A Preferred Units, Series 7 are redeemable on March 31, 2022.

How much did Brookfield Infrastructure raise in its recent public offering?

Brookfield Infrastructure raised $300 million in its recent public offering.

Under what symbol will the new subordinated notes be listed on the NYSE?

The new subordinated notes will be listed under the symbol 'BIPI' on the NYSE.

Who managed the underwriting for Brookfield Infrastructure's note offering?

The underwriting for Brookfield Infrastructure's note offering was managed by Wells Fargo, BofA Securities, Morgan Stanley, RBC Capital Markets, and Citigroup.