Brookfield Infrastructure Announces Reset Distribution Rate on Its Series 9 Preferred Units
March 02 2023 - 5:40PM
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 9 (“Series 9 Units”)
(TSX: BIP.PR.E) for the five years commencing April 1, 2023 and
ending March 31, 2028.
Series 9 Units and Series 10 Units
If declared, the fixed quarterly distributions
on the Series 9 Units during the five years commencing April 1,
2023 will be paid at an annual rate of 6.642% ($0.415125 per unit
per quarter).
Holders of Series 9 Units have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on March 16, 2023, to reclassify all or part of their Series 9
Units, on a one-for-one basis, into Cumulative Class A Preferred
Limited Partnership Units, Series 10 (“Series 10 Units”), effective
March 31, 2023.
The quarterly floating rate distributions on the
Series 10 Units will be paid at an annual rate, calculated for each
quarter, of 3.00% over the annual yield on three-month Government
of Canada treasury bills. The actual quarterly distribution rate in
respect of the April 1, 2023 to June 30, 2023 distribution period
for the Series 10 Units will be 1.88582% (7.564% on an annualized
basis) and the distribution, if declared, for such distribution
period will be $0.471455 per unit, payable on June 30, 2023.
Holders of Series 9 Units are not required to
elect to reclassify all or any part of their Series 9 Units into
Series 10 Units.
As provided in the unit conditions of the Series
9 Units, (i) if Brookfield Infrastructure determines that there
would be fewer than 1,000,000 Series 9 Units outstanding after
March 31, 2023, all remaining Series 9 Units will be automatically
reclassified into Series 10 Units on a one-for-one basis effective
March 31, 2023; or (ii) if Brookfield Infrastructure determines
that there would be fewer than 1,000,000 Series 10 Units
outstanding after March 31, 2023, no Series 9 Units will be
reclassified into Series 10 Units. There are currently 7,986,595
Series 9 Units outstanding.
The Toronto Stock Exchange (“TSX”) has
conditionally approved the listing of the Series 10 Units effective
upon reclassification. Listing of the Series 10 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 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
MediaSebastien BouchardVice President,
Communications Tel: +1 (416) 943-7937Email:
sebastien.bouchard@brookfield.com |
Investor RelationsStephen FukudaVice President,
Corporate Development & Investor RelationsTel: +1 (416)
956-5129Email: stephen.fukuda@brookfield.com |
Brookfield Infrastructur... (TSX:BIP.PR.E)
Historical Stock Chart
From Jul 2024 to Aug 2024
Brookfield Infrastructur... (TSX:BIP.PR.E)
Historical Stock Chart
From Aug 2023 to Aug 2024