PrefBlog

Brookfield Infrastructure has announced:

the completion of its previously announced issue of Cumulative Class A Preferred Limited Partnership Units, Series 5 (“Series 5 Preferred Units”) in the amount of $250,000,000. The offering was underwritten by a syndicate led by TD Securities Inc., CIBC Capital Markets, RBC Capital Markets, and Scotiabank.

Brookfield Infrastructure issued 10,000,000 Series 5 Preferred Units at a price of $25.00 per unit, for total gross proceeds of $250,000,000. Holders of the Series 5 Preferred Units will be entitled to receive a cumulative quarterly fixed distribution yielding 5.35% annually for the initial period ending September 30, 2021. Thereafter, the distribution rate will be reset every five years at a rate equal to the greater of: (i) the 5-year Government of Canada bond yield plus 4.64%, and (ii) 5.35%. The Series 5 Preferred Units will commence trading on the Toronto Stock Exchange this morning under the ticker symbol BIP.PR.C.

BIP.PR.C is a FixedReset 5.35%+464M535 issue announced 2016-7-25. It will be remembered that distributions from this issue are not Eligible Dividends, but will be a mixture of Return of Capital and Ordinary Income, in proportions that will change from year to year.

The issue traded 1,330,574 shares today in a range of 25.31-45 before closing at 25.37-38, 10×133.

This issue will be tracked by HIMIPref™ and has been assigned to the FixedReset subindex. Vital statistics are:

This entry was posted on Wednesday, August 3rd, 2016 at 12:51 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.