Brookfield Infrastructure renews issuer bid for preferred units

Chicago, Nov. 29 – Brookfield Infrastructure Partners LP has renewed its normal course issuer bid for its class A preferred limited partnership units, according to a press release.

There are five series of preferred units outstanding, and Brookfield may repurchase up to 10% of the total public float of each series as follows:

• 498,926 of the 4,989,265 of series 1 preferred units;

• 498,926 of the 4,989,265 of series 3 preferred units;

• 1,190,365 of the 11,903,650 of series 7 preferred units;

• 798,659 of the 7,986,595 of series 9 preferred units; and

• 993,619 of the 9,936,190 of series 11 preferred units.

Under the normal course issuer bid, Brookfield may also repurchase up to 55,768 of the LP units, representing 25% of the average daily trading volume of 223,074 units for the six months ended Oct. 31. As of Nov. 19, 305,194,414 units remained outstanding.

Repurchases are to begin on Nov. 29 and end on Nov. 28, 2022.

Under Brookfield’s current normal course issuer bid that began on Nov. 12, 2020 and expired on Nov. 11, Brookfield sought and received approval from the Toronto Stock Exchange to repurchase up to 498,926 series 1 preferred units, 498,926 series 3 preferred units, 998,073 series 5 preferred units, 1,190,365 series 7 preferred units, 798,659 series 9 preferred units and 993,619 series 11 preferred units, along with 14,767,968 LP units.

Brookfield has not repurchased any preferred units under its current normal course issuer bid in the past 12 months.

Under Brookfield’s normal course issuer bid that commenced on Nov. 12, 2020 and expired on Nov. 11, Brookfield previously sought and received approval from the TSX to repurchase up to 3,618,425 exchangeable shares.

The partnership did not repurchase any exchangeable shares under its previous normal course issuer bid in the past 12 months.

Brookfield Infrastructure is a Toronto-based global infrastructure company.

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