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Brookfield Infrastructure offers 10 million preferred units

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Brookfield Infrastructure offers 10 million preferred units

Brookfield Infrastructure Partners LP announced Sept. 5 an agreement to issue 10,000,000 cumulative class A preferred limited partnership series 11 units at C$25 each, on a bought-deal basis, for gross proceeds of C$250 million.

Brookfield initially announced an issuance of C$200 million of the units, then increased the offering as a result of "strong investor demand." The syndicate of underwriters for the offering was led by Scotiabank, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets, and TD Securities Inc.

The units have a quarterly fixed distribution rate of 5.10% through Dec. 31, 2023, which will be reset every five years thereafter.

Unit holders will have the right to reclassify their series 11 units into cumulative class A preferred limited partnership series 12 units on Dec. 31, 2023, and on the same day every five years.

The partnership plans to use proceeds to invest in new projects and a growing backlog of committed organic growth capital expenditure projects and for general working capital purposes.

The offering is expected to close by Sept. 12.