Brookfield resumes one-year issuer bid for class A preferred shares

By Susanna Moon

Chicago, Aug. 16 – Brookfield Infrastructure Partners LP will run another one-year normal course issuer bid to purchase up to 10% of the public float of each series of numerous class A preferred shares.

The issuer bid will begin Friday and run until Aug. 17, 2018.

Brookfield is renewing the issuer bid because the preferreds may trade at prices “that do not fully reflect their value” from time to time and acquiring them would be an good use of funds, according to a company announcement.

Under the issuer bid beginning Friday, Brookfield has been authorized to repurchase up to 10% of the total public float of each series of the preferreds as follows:

• 1,022,759 of series 2 preferreds with a public float of 10,227,590;

• 398,800 of series 4 preferreds with a public float of 3,988,000;

• 247,858 of series 8 preferreds with a public float of 2,478,585;

• 202,601 of series 9 preferreds with a public float of 2,026,015;

• 880,020 of series 13 preferreds with a public float of 8,800,200;

• 795,075 of series 17 preferreds with a public float of 7,950,756;

• 778,049 of series 18 preferreds with a public float of 7,780,497;

• 939,425 of series 24 preferreds with a public float of 9,394,250;

• 153,313 of series 25 preferreds with a public float of 1,533,133;

• 990,334 of series 26 preferreds with a public float of 9,903,348;

• 939,437 of series 28 preferreds with a public float of 9,394,373;

• 993,663 of series 30 preferreds with a public float of 9,936,637;

• 1,198,256 of series 32 preferreds with a public float of 11,982,568;

• 997,788 of series 34 preferreds with a public float of 9,977,889;

• 794,902 of series 36 preferreds with a public float of 7,949,024;

• 794,908 of series 37 preferreds with a public float of 7,949,083;

• 800,000 of series 38 preferreds with a public float of 8,000,000;

• 1.2 million of series 40 preferreds with a public float of 12 million;

• 1.2 million of series 42 preferreds with a public float of 12 million;

• 997,581 of series 44 preferreds with a public float of 9,975,814; and

• 1.2 million of series 46 preferreds with a public float of 12 million.

Brookfield said it will enter into an automatic purchase plan during the week of Sept. 25 that will allow for the purchase of the preferreds during internal trading black-out periods, insider trading rules or other times when the company is not active in the market.

The Toronto Stock Exchange has approved the renewal.

Brookfield previously said it will pay the market price at the time of acquisition for any preferreds purchased. All preferreds acquired under the bid will be canceled.

Toronto-based Brookfield Office Properties is a subsidiary of Brookfield Property Partners that owns and operates office, retail, multifamily, industrial, hotel and lease assets.

Under the issuer bid that ran from Aug. 17, 2016 until Aug. 16, Brookfield purchased 300 series 9 preferreds, 49,244 series 17 preferreds, 33,842 series 18 preferreds, 13,815 series 30 preferreds, 50,976 series 36 preferreds, 50,917 series 37 preferreds and 24,186 series 44 preferreds at weighted average prices of C$13.80, C$22.17, C$22.22, C$20.92, C$22.33, C$22.66 and C$26.30 per preferred share, respectively.

No other preferreds were purchased under the issuer bid that closed Wednesday.

Brookfield is a Hamilton, Bermuda-based company that owns and operates utilities, transport, energy and communications infrastructure businesses.

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