{"id":41673,"date":"2020-12-02T22:31:24","date_gmt":"2020-12-03T03:31:24","guid":{"rendered":"http:\/\/prefblog.com\/?p=41673"},"modified":"2025-11-27T20:13:49","modified_gmt":"2025-11-28T01:13:49","slug":"bip-pr-b-to-reset-at-5-50-guaranteed-minimum-reset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41673","title":{"rendered":"BIP.PR.B To Reset At 5.50% (Guaranteed Minimum Reset)"},"content":{"rendered":"<p>Brookfield Infrastructure Partners L.P. <a href=\"https:\/\/bip.brookfield.com\/press-releases\/2020\/12-02-2020-220350491\">has announced<\/a>:<\/p>\n<blockquote><p>that it has determined the fixed distribution rate on its Cumulative Class A Preferred Limited Partnership Units, Series 3 (\u201cSeries 3 Units\u201d) (TSX: BIP.PR.B) for the five years commencing January 1, 2021 and ending December 31, 2025.<\/p>\n<p>Series 3 Units and Series 4 Units<\/p>\n<p>If declared, the fixed quarterly distributions on the Series 3 Units during the five years commencing January 1, 2021 will be paid at an annual rate of 5.50% ($0.34375 per unit per quarter).<\/p>\n<p>Holders of Series 3 Units have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 16, 2020, to reclassify all or part of their Series 3 Units, on a one-for-one basis, into Cumulative Class A Preferred Limited Partnership Units, Series 4 (\u201cSeries 4 Units\u201d), effective December 31, 2020.<\/p>\n<p>The quarterly floating rate distributions on the Series 4 Units will be paid at an annual rate, calculated for each quarter, of 4.53% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly distribution rate in respect of the January 1, 2021 to March 31, 2021 distribution period for the Series 4 Units will be 1.14386% (4.639% on an annualized basis) and the distribution, if declared, for such distribution period will be $0.285965 per unit, payable on March 31, 2021.<\/p>\n<p>Holders of Series 3 Units are not required to elect to reclassify all or any part of their Series 3 Units into Series 4 Units.<\/p>\n<p>As provided in the unit conditions of the Series 3 Units, (i) if Brookfield Infrastructure determines that there would be fewer than 1,000,000 Series 3 Units outstanding after December 31, 2020, all remaining Series 3 Units will be automatically reclassified into Series 4 Units on a one-for-one basis effective December 31, 2020; or (ii) if Brookfield Infrastructure determines that there would be fewer than 1,000,000 Series 4 Units outstanding after December 31, 2020, no Series 3 Units will be reclassified into Series 4 Units. There are currently 4,989,262 Series 3 Units outstanding.<\/p>\n<p>The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series 4 Units effective upon reclassification. Listing of the Series 4 Units is subject to Brookfield Infrastructure fulfilling all the listing requirements of the TSX and, upon approval, the Series 4 Units will be listed on the TSX under the trading symbol \u201cBIP.PR.G\u201d.<\/p><\/blockquote>\n<p>BIP.PR.B was issued as a FixedReset, 5.50%+453M550 (Interest + ROC), that <a href=\"http:\/\/prefblog.com\/?p=31501\">commenced trading 2015-12-8<\/a> after being announced <a href=\"http:\/\/prefblog.com\/?p=31413\">announced 2015-12-1<\/a>. It is tracked by HIMIPref&trade; and is assigned to the FixedReset-Premium subindex. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Infrastructure Partners L.P. has announced: that it has determined the fixed distribution rate on its Cumulative Class A Preferred Limited Partnership Units, Series 3 (\u201cSeries 3 Units\u201d) (TSX: BIP.PR.B) for the five years commencing &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,26],"tags":[],"class_list":["post-41673","post","type-post","status-publish","format-standard","hentry","category-issue-comments","category-return-of-capital"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41673"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41673\/revisions"}],"predecessor-version":[{"id":51100,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41673\/revisions\/51100"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}