BIP.PR.D To Be Redeemed

Brookfield Infrastructure Partners L.P. has announced (emphasis added):

the closing of a public offering of $300 million of fixed rate perpetual subordinated notes (the “Notes”).

The Notes have a fixed coupon of 5.125% and will be listed on the New York Stock Exchange under the symbol “BIPI”. Brookfield Infrastructure intends to use the net proceeds of the offering for the redemption of its Class A Preferred Units, Series 7, which are redeemable by Brookfield Infrastructure on March 31, 2022, with the remainder to be used for working capital purposes.

The Notes were issued by BIP Bermuda Holdings I Limited, an indirect wholly owned subsidiary of Brookfield Infrastructure, and are guaranteed on a subordinated basis by Brookfield Infrastructure and certain of its other subsidiaries.

Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Citigroup Global Markets Inc. acted as joint book-running managers for the offering.

BIP.PR.D is a FixedReset, 5.00%+378M500, ROC + Interest, that commenced trading 2017-1-26 after being announced 2017-1-19. It is tracked by HIMIPref™ and is been assigned to the FixedReset (Premium) subindex.

Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!

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