BIP.PR.A : No Conversion To FloatingReset

Brookfield Infrastructure has announced:

that after having taken into account all election notices received by the June 15, 2020 deadline for the reclassification of its Cumulative Class A Preferred Limited Partnership Units, Series 1 (the “Series 1 Units”) (TSX: BIP.PR.A) into Cumulative Class A Preferred Limited Partnership Units, Series 2 (the “Series 2 Units”), there were 298,234 Series 1 Units tendered for reclassification, which is less than the 1,000,000 units required to give effect to reclassifications of Series 1 Units into Series 2 Units. Accordingly, there will be no reclassification of Series 1 Units into Series 2 Units, and holders of Series 1 Units will retain their Series 1 Units.

BIP.PR.A is a FixedReset, 4.50%+356, that commenced trading 2015-3-12 after being announced 2015-3-4. The issue will reset to 3.974% effective 2020-7-1. It is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Note that the tax treatment of distributions on BIP.PR.A are complex and change annually.

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