Brookfield Infrastructure Renews Its Normal Course Issuer Bids

Core Viewpoint - Brookfield Infrastructure Partners L.P. (BIP) and Brookfield Infrastructure Corporation (BIPC) have announced their intention to renew their normal course issuer bids for repurchasing their respective units and shares, aiming to utilize available funds to acquire these securities when they are undervalued [1][2]. Group 1: Normal Course Issuer Bid Details - BIP is authorized to repurchase up to 5% of its issued and outstanding LP Units, equating to 23,088,572 LP Units, with 461,771,450 LP Units outstanding as of November 19, 2024 [3]. - BIP can repurchase a maximum of 126,133 LP Units on any trading day, which is 25% of the average daily trading volume of 504,532 LP Units over the six months ending October 31, 2024 [3]. - BIP has four series of Preferred Units, with repurchase limits set at 10% of the total public float for each series, with specific maximum daily repurchase numbers detailed for each series [4]. Group 2: BIPC Repurchase Authorization - BIPC is authorized to repurchase up to 10% of the total public float of Exchangeable Shares, which amounts to 11,889,600 Exchangeable Shares, with 132,029,368 Exchangeable Shares outstanding as of November 19, 2024 [5]. - BIPC can repurchase up to 46,896 Exchangeable Shares on any trading day, representing 25% of the average daily trading volume of 187,586 Exchangeable Shares over the six months ending October 31, 2024 [5]. Group 3: Timeline and Execution - The repurchase programs for both BIP and BIPC are set to commence on December 2, 2024, and will terminate on December 1, 2025, unless completed earlier [6]. - BIP and BIPC have not repurchased any units or shares under their current normal course issuer bids that began on December 1, 2023, and will expire on November 30, 2024 [7][8]. Group 4: Trading Mechanism - Repurchases will be conducted through the facilities of the TSX, NYSE, and/or alternative trading systems, with all acquired units and shares being cancelled [10]. - Automatic share purchase plans are intended to be established around December 23, 2024, allowing for purchases during internal trading blackout periods [11]. Group 5: Company Overview - Brookfield Infrastructure is a leading global infrastructure company focused on high-quality, long-life assets across various sectors, generating predictable and stable cash flows [12]. - The company operates through BIP and BIPC, providing investors with access to its portfolio [12].