Brookfield Infrastructure renews its usual course issuer bids | News | Daily News Byte

BROOKFIELD, NEWS, Nov. 28, 2022 (GLOBE NEWSWIRE) — Brookfield Infrastructure Partners LP (“BIP”) (NISE: BIP; TSX: BIP.UN ) today announced that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by BIP regarding its intention to renew its regular rate issuer bid for its outstanding limited partnership units (the “LP Units”) and its Class A Preferred Limited Partnership Units (the “Preferred Units”, and together with the LP Units, the “Units”) . Brookfield Infrastructure Corporation (“BIPC”) (NISE/TSX: BIPC) also announced today that TSX has accepted the notice filed by BIPC of its intention to renew its regular rate issuer bid for its outstanding Class A convertible subordinated voting shares (“Exchangeable Shares”).

BIP and BIPC believe that if the price for trading shares or exchangeable shares does not fully reflect their value, the acquisition of shares or exchangeable shares, depending on the case, can represent an attractive use of available funds.

Pursuant to BIP’s ordinary course issuer bid, the Board of Directors of BIP’s general partner has authorized BIP to repurchase up to 5% of the issued and outstanding LP Units, or up to 22,914,157 LP Units. At the close of business on November 17, 2022, there were 458,283,156 LP Units issued and outstanding. In accordance with the usual offer of the BIP exchange rate issuer, it can buy up to 97,371 LP units on TSKS during any trading day, which represents 25% of the average daily trading volume of 389,484 LP units on TSKS for the six months ended 31 .October 2022 adjusted for BIP’s three-for-two unit split on June 10, 2022 and calculated in accordance with TSKS rules.

BIP currently has four series of non-paying preference units that trade on the TSX. Pursuant to BIP’s customary issuer bid, BIP is authorized to repurchase up to 10% of the total public outstanding of each series of Preferred Units as follows:

1. Calculated as of November 17, 2022.
2. For the 6 months ended October 31, 2022.
3. In accordance with the TSX Rules, each daily repurchase in respect of each of the Series 9 and Series 11 Preferred Units shall be limited to 25% of the average daily trading volume on TSX of the respective series and each daily repurchase in respect of the Series 1 Preferred Units and series 3 will be limited to 1000 desired units.

Pursuant to BIPC’s customary issuer bid, BIPC’s Board of Directors has authorized BIPC to repurchase up to 10% of the total amount of Exchangeable Shares, or up to 9,737,380 Exchangeable Shares. At the close of business on November 17, 2022, there were 110,543,696 issued and outstanding convertible shares and 97,373,800 convertible shares in public circulation. In accordance with the usual offer of the BIPC exchange rate issuer, it can buy up to 32,842 exchangeable shares on TSKS during any trading day, which represents 25% of the average daily trading volume of 131,368 exchangeable shares on TSKS for the six months end on October 31, 2022 adjusted for BIPC’s three-for-two stock split on June 10, 2022 and calculated in accordance with TSKS rules.

Repurchases under each ordinary course issuer bid are authorized to begin on December 1, 2022 and each ordinary course issuer bid will end on November 30, 2023 or earlier if BIP or BIPC, as the case may be, completes the repurchase pursuant to by its respective customary bid for exchange rates prior to that date.

Pursuant to BIP’s regular issuer bid that commenced on November 29, 2021 and expired on November 28, 2022, BIP previously sought and received approval from TSKS to repurchase up to 22,889,580 LP Units (based on split units, 19, 69 Series). Preferred Units, 498,926 Series 3 Preferred Units, 1,190,365 Series 7 Preferred Units, 798,659 Series 9 Preferred Units and 993,619 Series 11 Preferred Units. BIP has not repurchased any LP Units or Preferred Units under its previous ordinary course issuer bid in the past twelve months .

Pursuant to BIPC’s regular issuer bid which commenced on November 29, 2021 and expired on November 28, 2022, BIPC previously sought and received approval from TSKS to repurchase up to 9,687,235 Exchangeable Shares (based on a stock split ). BIPC has not repurchased any exchangeable shares under its previous issuer’s offer at normal exchange rate in the past twelve months.

Redemption of priority units of Series 1, Series 3, Series 9 and Series 11 will be carried out through TSKS facilities and/or alternative trading systems. Redemptions of LP Units and Exchangeable Shares will be made through the facilities of TSX, the New York Stock Exchange and/or alternative trading systems. All Units and Exchangeable Shares acquired by BIP and BIPC, respectively, pursuant to the prevailing ordinary course issuer bid will be cancelled. Redemptions will comply with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, and applicable Canadian securities laws.

From time to time, when BIP or BIPC does not possess material non-public information about itself or its securities, it may enter into automatic repurchase plans with its broker to enable the repurchase of shares or exchangeable shares, as appropriate, under certain trading conditions. parameters, at times when it would not normally be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. All such plans entered into with a BIP or BIPC broker will be adopted in accordance with applicable Canadian and US securities laws, including the requirements of Rule 10b5-1 under the US Securities Exchange Act of 1934, as amended and additions. Units subject to the automatic redemption plan may vary. Outside of these periods, units and exchangeable shares will be redeemed at the discretion of management, in accordance with applicable law.

About Brookfield Infrastructure

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-lived assets in the utilities, transportation, midstream and data sectors across North and South America, Asia Pacific and Europe. We focus on assets that generate stable cash flows and require minimal capital expenditure for maintenance. Investors can access its portfolio through Brookfield Infrastructure Partners LP (NISE: BIP ; TSX: BIP.UN ), a Bermuda limited partnership, or Brookfield Infrastructure Corporation (NISE, TSX: BIPC ), a Canadian corporation. Additional information is available at https://bip.brookfield.com/.

Brookfield Infrastructure is the flagship infrastructure company of Brookfield Asset Management, a global alternative asset manager with over $750 billion in assets under management. For more information, go to www.brookfield.com.

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Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking statements and information within the meaning of applicable securities laws. The words “believes”, “may” or derivatives thereof and other expressions that are predictions or indicate future events, trends or prospects and that do not relate to historical matters identify forward-looking statements. Forward-looking statements in this release include statements regarding the potential future redemption of its units by BIP and BIPC of their exchangeable shares pursuant to their customary issuer bids and, as applicable, 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 statements or information in this news release. The public. The future performance and prospects of BIP and BIPC are subject to numerous known and unknown risks and uncertainties. Factors that could cause BIP’s and BIPC’s actual results to differ materially from those anticipated or implied by the statements in this press release include: general economic conditions; changes in interest rates; availability of equity and debt financing; the performance of units and exchangeable shares or the stock market in general; and other risks and factors described in BIP’s and BIPC’s filings with securities regulators in Canada and the United States, including under “Risk Factors” in BIP’s and BIPC’s most recent Annual Reports on Form 20-F and other risks and the factors described therein. Except as required by law, BIP and BIPC undertake no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.