Oct 01, 2014
October 1, 2014 – Brookfield Infrastructure Partners L.P. (“Brookfield Infrastructure”) (NYSE: BIP; TSX: BIP.UN) today announced that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by Brookfield Infrastructure of its intention to renew its normal course issuer bid. Brookfield Infrastructure believes that in the event that limited partnership units (“Units”) trade in a price range that does not fully reflect their value, the acquisition of Units may represent an attractive use of available funds.
Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure authorized Brookfield Infrastructure to repurchase up to 7.4 million Units, representing approximately 5% of the issued and outstanding Units. At the close of business on September 24, 2014, there were 150,304,112 Units issued and outstanding. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 23,783 Units on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume of 95,132 Units on the Toronto Stock Exchange for the six months ended September 30, 2014. Repurchases are authorized to commence on October 6, 2014 and will terminate on October 5, 2015, or earlier should Brookfield Infrastructure complete its repurchases prior to such date.
All purchases will be made through the facilities of the Toronto Stock Exchange or the New York Stock Exchange, and all Units acquired under the normal course issuer bid will be cancelled. Brookfield Infrastructure did not acquire any Units in the past 12 months under its previous normal course issuer bid. Repurchases will be subject to compliance with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.
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Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier utilities, transport and energy assets in North and South America, Australasia, and Europe. It also seeks acquisition opportunities in other infrastructure sectors with similar attributes. The payout policy targets 5% to 9% annual growth in distributions. Units trade on the New York and Toronto Stock Exchanges under the symbols BIP and BIP.UN, respectively. For more information, please visit Brookfield Infrastructure’s website at www.brookfieldinfrastructure.com.
Under the normal course issuer bid, the Board of Directors of the general partner of Brookfield Infrastructure authorized Brookfield Infrastructure to repurchase up to 7.4 million Units, representing approximately 5% of the issued and outstanding Units. At the close of business on September 24, 2014, there were 150,304,112 Units issued and outstanding. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 23,783 Units on the Toronto Stock Exchange during any trading day, which represents 25% of the average daily trading volume of 95,132 Units on the Toronto Stock Exchange for the six months ended September 30, 2014. Repurchases are authorized to commence on October 6, 2014 and will terminate on October 5, 2015, or earlier should Brookfield Infrastructure complete its repurchases prior to such date.
All purchases will be made through the facilities of the Toronto Stock Exchange or the New York Stock Exchange, and all Units acquired under the normal course issuer bid will be cancelled. Brookfield Infrastructure did not acquire any Units in the past 12 months under its previous normal course issuer bid. Repurchases will be subject to compliance with applicable United States federal securities laws, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended, as well as applicable Canadian securities laws.
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Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier utilities, transport and energy assets in North and South America, Australasia, and Europe. It also seeks acquisition opportunities in other infrastructure sectors with similar attributes. The payout policy targets 5% to 9% annual growth in distributions. Units trade on the New York and Toronto Stock Exchanges under the symbols BIP and BIP.UN, respectively. For more information, please visit Brookfield Infrastructure’s website at www.brookfieldinfrastructure.com.
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