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BROOKFIELD, NEWS, November 25, 2021 (GLOBE NEWSWIRE) – Brookfield Infrastructure Partners LP (“BIP”) (NYSE: BIP; TSX: BIP.UN) today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by BIP of its intention to renew its normal course issuer bid for its outstanding limited partnership units (the “limited partnership units”) and its preferred limited partnership units of Class A (the “preferred shares”, and with limited partnership units, the “units”). Brookfield Infrastructure Corporation (“BIPC”) (NYSE, TSX: BIPC) also announced today that the TSX has accepted a notice filed by BIPC of its intention to renew its normal course issuer bid.

BIP and BIPC believe that while the price of the units or exchangeable shares, respectively, does not fully reflect their value, the acquisition of units or exchangeable shares, as the case may be, may represent an attractive use of available funds.

As part of BIP’s public tender offer, the board of directors of the BIP general partner has authorized BIP to buy back up to 5% of the issued and outstanding limited partnership units, or up to 15,259,720 limited partnership shares. As of the close of business on November 19, 2021, 305,194,414 limited partnership units were issued and outstanding. In the normal course of BIP’s public tender offer, it may repurchase up to 55,768 limited partnership units on the TSX during a trading day, which represents 25% of the average daily trading volume. of 223,074 limited partnership units on the TSX for the six-month period ended October 31, 2021, calculated in accordance with TSX rules.

BIP currently has five series of preferred units outstanding and traded on the TSX. As part of BIP’s public tender offer, BIP is authorized to buy back up to 10% of the total free float of each series of preferred shares as follows:

Series Teleprinter Units issued and outstanding1 Public float1 Average daily volume of transactions2 Maximum number of units subject to redemption3
Total Daily
Series 1 BIP.PR.A 4,989,265 4,989,265 3,026 498 926 1000
Series 3 BIP.PR.B 4,989,262 4,989,262 4 719 498 926 1,179
Series 7 BIP.PR.D 11 979 750 11 903 650 7 671 1 190 365 1,917
Series 9 BIP.PR.E 7,986,595 7,986,595 5,279 798 659 1319
Series 11 BIP.PR.F 9 936 190 9 936 190 5,934 993,619 1,483
  1. Calculated as of November 19, 2021.
  2. For the 6 months ended October 31, 2021.
  3. In accordance with TSX rules, any daily redemption in respect of each of the Series 3, Series 7, Series 9 and Series 11 Preferred Units will be limited to 25% of the average daily trading volume on the TSX of the respective series and any redemptions in respect of the Series 1 Preferred Units will be limited to 1,000 Preferred Units.

As part of BIPC’s public tender offer, BIPC’s board of directors has authorized BIPC to buy back up to 10% of the total free float of the exchangeable shares, or up to 6,458,157 exchangeable shares. As of the close of business on November 19, 2021, there were 73,361,508 exchangeable shares issued and outstanding and 64,581,577 exchangeable shares in the free float. In the normal course of BIPC’s public tender offer, it can repurchase up to 37,781 shares exchangeable on the TSX during a trading day, which represents 25% of the average daily trading volume of 151,124 shares exchangeable on the TSX for the six-month period ended October 31, 2021, calculated in accordance with the rules of the TSX.

Repurchases under each normal course tender offer are allowed to begin on November 29, 2021 and each normal course tender offer will end on November 28, 2022 or earlier if BIP or BIPC , as the case may be, carry out its repurchases within the framework of its respective normal course buyback offer. before this date.

In connection with BIP’s public tender offer which began on November 12, 2020 and expired on November 11, 2021, BIP has previously requested and obtained approval from the TSX to repurchase up to 14,767,968 units. limited partnership, 498,926 Preferred Shares Series 1, 498,926 Preferred Shares Series 3, 998,073 Preferred Shares Series 5, 1,190,365 Preferred Shares Series 7, 798,659 Preferred Shares Series 9 and 993,619 Preferred Shares Series 11. BIP has not redeemed any limited partnership units or preferred units as part of its normal course issuer bid during the past twelve months.

In connection with BIPC’s public tender offer which began on November 12, 2020 and expired on November 11, 2021, BIPC has previously requested and received approval from the TSX to repurchase up to 3,618,425 exchangeable shares. BIPC has not repurchased any exchangeable shares as part of its normal course buyback offer during the past twelve months.

Redemptions of Series 1, Series 3, Series 7, Series 9 and Series 11 Preferred Units will be made through the TSX and / or other trading systems. Redemptions of Partnership Units and Exchangeable Shares will be made through the TSX, New York Stock Exchange and / or other trading systems. All units and exchangeable shares acquired by BIP and BIPC, respectively, under the applicable normal course issuer bid will be canceled. Redemptions will be subject to compliance with United States federal securities laws, including rule 10b-18 of the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.

From time to time, when BIP or BIPC does not have material non-public information about itself or its securities, it may enter into automatic redemption plans with its broker to allow the redemption of units or exchangeable shares, depending on the case, subject to certain trading parameters, at times when it would not normally be active in the market due to its own internal blackout periods, insider trading rules or otherwise. All such plans entered into with the BIP or BIPC broker will be enacted in accordance with applicable Canadian and United States securities laws, including the requirements of Rule 10b5-1 under the United States Securities Exchange Act of 1934, as amended. The units subject to an automatic redemption plan may vary. Outside of these periods, units and exchangeable shares will be redeemed at the discretion of management, subject to applicable laws.

Brookfield infrastructure is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transportation, middleman and data industries in North and South America, Asia Pacific and in Europe. We focus on assets that have contractual and regulated income that generate predictable and stable cash flows. Investors can access its portfolio through Brookfield Infrastructure Partners LP (NYSE: BIP; TSX: BIP.UN), a Bermuda-based limited partnership, or Brookfield Infrastructure Corporation (NYSE, TSX: BIPC), a Canadian company. More information is available at www.brookfield.com/infrastructure.

Brookfield Infrastructure Partners is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with $ 650 billion in assets under management. For more information, visit www.brookfield.com.

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Note: This press release contains forward-looking statements and information within the meaning of applicable securities laws. The words “believes”, “may” or derivatives thereof and other expressions which are predictions or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements . The forward-looking statements contained in this press release include statements regarding potential future redemptions by BIP of its units and by BIPC of its exchangeable shares in accordance with their normal course buyback offers and, if applicable, at automatic redemption plans. Although BIP and BIPC believe that these forward-looking statements and information are based on reasonable assumptions and expectations, the reader should not place undue reliance on them or any other forward-looking statement or information contained in this press release. The performance and future prospects of BIP and BIPC are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of BIP and BIPC to differ materially from those contemplated or suggested by the statements contained in this press release include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of units and exchangeable shares or stock exchanges in general; and other risks and factors described in documents filed by BIP and BIPC with securities regulators in Canada and the United States, including under “Risk Factors” in BIP’s most recent annual reports and of BIPC on Form 20-F and other risks and factors described in the bridle. Except as required by law, BIP and BIPC do not undertake to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.


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