Brookfield Infrastructure closes US$1.09 billion equity offering

On November 17, 2021, Brookfield Infrastructure Partners L.P. (“BIP”) and Brookfield Infrastructure Corporation (“BIPC”, and together with BIP, “Brookfield Infrastructure”) completed their previously announced concurrent public equity offerings for aggregate gross proceeds of US$690 million. The public offerings were made on a bought deal basis by a syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Wells Fargo Securities Canada, Ltd.

The public offerings were comprised of 8,240,800 BIP limited partnership units (“BIP Units”) sold at a price of US$58.65 per BIP Unit and 1,860,900 BIPC class A exchangeable subordinate voting shares (“BIPC Shares”) sold at a price of US$62.70 per BIPC Share.

Concurrent with the public offerings, a subsidiary of Brookfield Asset Management Inc. purchased 7,104,300 redeemable partnership units of Brookfield Infrastructure L.P., BIP’s holding limited partnership, at the BIP Unit offering price (net of underwriting commissions) for total gross proceeds of approximately US$400 million.

BIP and BIPC had granted the underwriters over-allotment options, exercisable in whole or in part for a period of 30 days following closing of the public offerings, to purchase up to approximately 1,236,100 additional BIP Units and 279,100 additional BIPC Shares at the respective public offering prices. Both options were exercised in full and closed concurrent with the public offerings on November 17, 2021.

The aggregate gross proceeds of the BIP offering, the BIPC offering, and the concurrent private placement were approximately US$1.09 billion.

Brookfield Infrastructure intends to use the net proceeds from all three offerings to fund an active and advanced pipeline of new investment opportunities, including near-term organic growth capital requirements, and for general working capital purposes.

Further information can be found on Globe Newswire’s website.

Brookfield Infrastructure is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, midstream and data sectors across North and South America, Asia Pacific and Europe.