BROOKFIELD, NEWS, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (“Brookfield
Infrastructure”) (NYSE: BIP; TSX: BIP.UN) today announced that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by
Brookfield Infrastructure of its intention to renew its normal course issuer bid for its outstanding limited partnership units (“LP
Units”) and its class A preferred limited partnership units (“Preferred Units”, together with the LP Units, “Units”). Brookfield
Infrastructure believes that in the event that the Units trade in a price range that does not fully reflect their value, the
acquisition of Units may represent an attractive use of available funds.
Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure
authorized Brookfield Infrastructure to repurchase up to 5% of the issued and outstanding LP Units, or 13,843,928 LP Units. At the
close of business on October 31, 2018, there were 276,878,576 LP Units issued and outstanding. Under the normal course issuer bid,
Brookfield Infrastructure may purchase up to 45,442 LP Units on the TSX during any trading day, which represents 25% of the average
daily trading volume of 181,768 LP Units on the TSX for the six months ended October 31, 2018, calculated in accordance with the
rules of the TSX.
There are currently six series of Preferred Units outstanding and which trade exclusively on the TSX. Under the
normal course issuer bid, Brookfield Infrastructure is authorized to repurchase a total of up to 10% of the total public float of
each series of the Preferred Units as follows:
Series |
Ticker |
Issued and outstanding units1 |
Public float1
|
Average daily trading volume2
|
Maximum number of units subject to purchase3 |
|
|
|
|
|
Total |
Daily |
Series 1 |
BIP.PR.A |
5,000,000 |
5,000,000 |
5,587 |
500,000 |
1,396 |
Series 3 |
BIP.PR.B |
5,000,000 |
5,000,000 |
5,267 |
500,000 |
1,316 |
Series 5 |
BIP.PR.C |
10,000,000 |
10,000,000 |
4,738 |
1,000,000 |
1,184 |
Series 7 |
BIP.PR.D |
12,000,000 |
12,000,000 |
6,924 |
1,200,000 |
1,731 |
Series 9 |
BIP.PR.E |
8,000,000 |
8,000,000 |
5,769 |
800,000 |
1,442 |
Series 11 |
BIP.PR.F |
10,000,000 |
10,000,000 |
43,234 |
1,000,000 |
10,808 |
- Calculated as at October 31, 2018.
- For the 6 months ended October 31, 2018.
- In accordance with TSX rules, any daily repurchases with respect to each of the Series 1, Series 3, Series 5, 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.
Repurchases are authorized to commence on November 12, 2018 and will terminate on November 11, 2019, or earlier
should Brookfield Infrastructure complete its repurchases prior to such date.
Under its prior normal course issuer bid that commenced on November 10, 2017 and expires on November 9, 2018,
Brookfield Infrastructure previously sought and received approval from the TSX to purchase up to 13,823,709 LP Units, 500,000
Series 1 Preferred Units, 500,000 Series 3 Preferred Units, 1,000,000 Series 5 Preferred Units and 1,200,000 Series 7 Preferred
Units. Brookfield Infrastructure has not purchased any Units under its prior normal course issuer bid in the past twelve
months.
Purchases of the Series 1, Series 3, Series 5, Series 7, Series 9 and Series 11 Preferred Units will be effected
through the facilities of the TSX. Purchases of the LP Units will be effected through the facilities of the TSX or the New York
Stock Exchange. All Units acquired under the normal course issuer bid will be cancelled. Repurchases will be subject to compliance
with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of
1934, as amended, as well as applicable Canadian securities laws.
From time to time, when Brookfield Infrastructure does not possess material non-public information about itself
or its securities, it may enter into automatic purchase plans with its broker to allow for the repurchase of Units, subject to
certain trading parameters, at times when Brookfield Infrastructure ordinarily would not be active in the market due to its own
internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with Brookfield Infrastructure’s
broker will be adopted in accordance with applicable Canadian and U.S. securities laws including the requirements of Rule 10b5-1
under the U.S. Securities Exchange Act of 1934, as amended. The Units subject to an automatic purchase plan may vary. Outside these
periods, Units will be repurchased in accordance with management’s discretion, subject to applicable law.
Brookfield Infrastructure Partners is a leading global infrastructure company that owns and
operates high-quality, long-life assets in the utilities, transport, energy and data infrastructure 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. Brookfield Infrastructure Partners is listed on the New York and Toronto stock exchanges. Further information is
available at www.brookfield.com/infrastructure.
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global
alternative asset manager with over $300 billion of assets under management. For more information, go to www.brookfield.com.
For more information, please contact:
Note: This news release contains forward-looking statements and information within the meaning of applicable
securities laws. The words “believes,” “may” or derivations thereof and other expressions which are predictions of or indicate
future events, trends or prospects and which do not relate to historical matters identify forward-looking statements.
Forward-looking statements in this news release include statements regarding potential future purchases by Brookfield
Infrastructure of its Units pursuant to its normal course issuer bid. Although Brookfield Infrastructure believes that these
forward-looking statements and information are based upon 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 future performance and
prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could
cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this
news release include: general economic conditions; interest rate changes; availability of equity and debt financing; the
performance of the Units or the stock exchanges generally; and other risks and factors described in the documents filed by
Brookfield Infrastructure with securities regulators in Canada and the United States including under “Risk Factors” in Brookfield
Infrastructure’s most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required
by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise.