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BIP Investment Corp. Minimum 5.85% Cumulative Rate Reset Preferred Share New Issue

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BIP Investment Corp.(symbol pending) a corporate subsidiary of Brookfield Infrastrucuture Partners (BIP.UN) is issuing $100M of 5.85% Minimum Rate Reset Cumulative Shares. The first dividend reset date is Mar-31-2024 at the then effective 5 year Gov. of Canada bond yield plus 3.96%, provided the rate is not less than 5.85%.

On Mar-31-2024 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 3.96%.

Rating: S&P Pfd-2(low)

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