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Brookfield Infrastructure Partners LP - 5.1% Minimum Rate Preferred Units New Issue

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Brookfield Infrastructure Partners LP(BIP.UN) is issuing $200M of 45.1% Minimum Rate Reset Cumulative Preferred Units. The first dividend reset date is Dec-31-2023 at the then effective 5 year Gov. of Canada bond yield plus 2.92%, provided the rate is not less than 5.1%.

On Aug-15-2023 and on Aug-15 and every five years thereafter, holders have the option to convert into an equal number cumulative floating rate preferred units with a floating quarterly dividend rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 2.92%.

Rating: S&P Pfd-2(low)

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