Brookfield Infrastructure Renews Its Normal Course Issuer Bids

BROOKFIELD, NEWS, Nov. 28, 2022 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. (“BIP”) (NYSE: BIP; TSX: BIP.UN) today announced that the Toronto Stock Exchange (the “TSX”) accepted a notice filed by BIP of its intention to renew its normal course issuer bid for its outstanding limited partnership units (“LP Units”) and its class A preferred limited partnership units (“Preferred Units”, and together with LP Units, “Units”). Brookfield Infrastructure Corporation (“BIPC”) (NYSE/TSX: BIPC) also today announced that the TSX accepted a notice filed by BIPC of its intention to renew its normal course issuer bid for its outstanding class A exchangeable subordinate voting shares (“Exchangeable Shares”).

BIP and BIPC believe that if the trading price of Units or Exchangeable Shares, respectively, does not fully reflect their value, the acquisition of Units or Exchangeable Shares, as applicable, may represent an attractive use of available funds.

Under BIP’s normal course issuer bid, the Board of Directors of the general partner of BIP authorized BIP to repurchase up to 5% of the issued and outstanding LP Units, or up to 22,914,157 LP Units. At the close of business on November 17, 2022, there were 458,283,156 LP Units issued and outstanding. Under BIP’s normal course issuer bid, it may repurchase up to 97,371 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 389,484 LP Units on the TSX for the six months ended October 31, 2022, adjusted for BIP’s three-for-two unit split on June 10, 2022 and calculated in accordance with the rules of the TSX.

BIP currently has four series of Preferred Units outstanding and that trade on the TSX. Under BIP’s normal course issuer bid, BIP is authorized to repurchase up to 10% of the total public float of each series of Preferred Units as follows:

Series	Ticker	Issued and outstanding units1	Public float1	Average daily trading volume2	Maximum number of units subject to repurchase3
					Total	Daily
Series 1	BIP.PR.A	4,989,265	4,989,265	3,809	498,926	1,000
Series 3	BIP.PR.B	4,989,262	4,985,862	2,187	498,586	1,000
Series 9	BIP.PR.E	7,986,595	7,986,595	4,877	798,659	1,219
Series 11	BIP.PR.F	9,936,190	9,936,190	4,081	993,619	1,020

1. Calculated as at November 17, 2022.
2. For the 6 months ended October 31, 2022.
3. In accordance with TSX rules, any daily repurchases with respect to each of the 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 the Series 1 and Series 3 Preferred Units will be limited to 1,000 Preferred Units.