Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure authorized Brookfield Infrastructure to repurchase up to 5% of the issued and outstanding LP Units, or 14,672,644 LP Units. At the close of business on October 31, 2019, there were 293,452,884 LP Units issued and outstanding. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 87,556 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 350,226 LP Units on the TSX for the six months ended October 31, 2019, calculated in accordance with the rules of the TSX.
There are currently six series of Preferred Units outstanding and that trade on the TSX. Under the normal course issuer bid, Brookfield Infrastructure is authorized to repurchase a total of up to 10% of the total public float of each series of the Preferred Units as follows:
| Series | Ticker | Issued and outstanding units1 | Public float1 | Average daily trading volume2 | Maximum number of units subject to purchase3 | |
| Total | Daily | |||||
| Series 1 | BIP.PR.A | 4,989,265 | 4,989,265 | 3,457 | 498,926 | 1,000 |
| Series 3 | BIP.PR.B | 4,989,262 | 4,989,262 | 2,460 | 498,926 | 1,000 |
| Series 5 | BIP.PR.C | 9,986,588 | 9,986,588 | 4,544 | 998,658 | 1,136 |
| Series 7 | BIP.PR.D | 11,979,750 | 11,979,750 | 7,261 | 1,197,975 | 1,815 |
| Series 9 | BIP.PR.E | 7,986,595 | 7,986,595 | 6,068 | 798,659 | 1,517 |
| Series 11 | BIP.PR.F | 9,936,190 | 9,936,190 | 9,721 | 993,619 | 2,430 |
- Calculated as at October 31, 2019.
- For the 6 months ended October 31, 2019.
- In accordance with TSX rules, any daily repurchases with respect to each of the Series 5, Series 7, Series 9 and Series 11 Preferred Units will be limited to 25% of the average daily trading volume on the TSX of the respective series and any daily repurchases with respect to each of the Series 1 and Series 3 Preferred Units will be limited to 1,000 Preferred Units.
Repurchases are authorized to commence on November 12, 2019 and will terminate on November 11, 2020, or earlier should Brookfield Infrastructure complete its repurchases prior to such date.
Under its current normal course issuer bid that commenced on November 12, 2018 and expires on November 11, 2019, Brookfield Infrastructure previously sought and received approval from the TSX to purchase up to 13,843,928 LP Units, 500,000 Series 1 Preferred Units, 500,000 Series 3 Preferred Units, 1,000,000 Series 5 Preferred Units, 1,200,000 Series 7 Preferred Units, 800,000 Series 9 Preferred Units and 1,000,000 Series 11 Preferred Units. As of November 7, 2019, Brookfield Infrastructure has purchased approximately 1,638,028 LP Units, 10,735 Series 1 Preferred Units, 10,738 Series 3 Preferred Units, 13,412 Series 5 Preferred Units, 20,250 Series 7 Preferred Units, 13,405 Series 9 Preferred Units and 63,810 Series 11 Preferred Units under its current normal course issuer bid through open market transactions at a weighted average price of approximately
Purchases of the Series 1, Series 3, Series 5, Series 7, Series 9 and Series 11 Preferred Units will be effected through the facilities of the TSX and/or alternative trading systems. Purchases of the LP Units will be effected through the facilities of the TSX, the New York Stock Exchange and/or alternative trading systems. All Units acquired under the normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable
From time to time, when Brookfield Infrastructure does not possess material non-public information about itself or its securities, it may enter into automatic purchase plans with its broker to allow for the repurchase of Units, subject to certain trading parameters, at times when Brookfield Infrastructure ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with Brookfield Infrastructure’s broker will be adopted in accordance with applicable Canadian and
Brookfield Infrastructure Partners is a leading global infrastructure company that owns and operates high-quality, long-life assets in the utilities, transport, energy and data infrastructure sectors across
Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a global alternative asset manager with over
For more information, please contact:
| Media: Claire Holland Vice President, Communications Tel: (416) 369-8236 Email: [email protected] | Investors: Melissa Low Vice President, Investor Relations Tel: (416) 956-5239 Email: [email protected] |
Note: This news release contains forward-looking statements and information within the meaning of applicable securities laws. The words “believes,” “may” or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify forward-looking statements. Forward-looking statements in this news release include statements regarding potential future purchases by Brookfield Infrastructure of its Units pursuant to its normal course issuer bid. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the Units or the stock exchanges generally; and other risks and factors described in the documents filed by Brookfield Infrastructure with securities regulators in
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