Brookfield Infrastructure Partners L.P.
NYSE : BIP
TSX : BIP.UN

Brookfield Infrastructure Partners L.P.

November 08, 2016 08:49 ET

Brookfield Infrastructure Renews its Limited Partnership Unit and Preferred Unit Normal Course Issuer Bids

BROOKFIELD, NEWS--(Marketwired - Nov. 8, 2016) - 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 for its outstanding limited partnership units ("LP Units") and its class A preferred limited partnership units ("Preferred Units", together with the LP Units, "Units"). Brookfield Infrastructure believes that in the event that the 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 5% of the issued and outstanding LP Units, or 12,181,987 LP Units. At the close of business on October 31, 2016, there were 243,639,759 LP Units issued and outstanding. Under the normal course issuer bid, Brookfield Infrastructure may purchase up to 48,663 LP Units on the TSX during any trading day, which represents 25% of the average daily trading volume of 194,653 LP Units on the TSX for the six months ended October 31, 2016, calculated in accordance with the rules of the TSX.

There are currently three series of Preferred Units outstanding and which trade exclusively on the TSX. Under the normal course issuer bid, Brookfield Infrastructure is authorized to repurchase a total of up to 10% of the total public float of each series of the Preferred Units as follows:

Series Ticker Issued and outstanding units1 Public float1 Average daily trading volume2 Maximum number of units subject to purchase3
Total Daily
Series 1 BIP.PR.A 5,000,000 5,000,000 6,854 500,000 1,713
Series 3 BIP.PR.B 5,000,000 5,000,000 8,515 500,000 2,128
Series 5 BIP.PR.C 10,000,000 10,000,000 96,508 1,000,000 24,127
1 Calculated as at October 31, 2016.
2 For the 6 months ended October 31, 2016 with respect to the Series 1 and Series 3 Preferred Units. For the 3 months ended October 31, 2016 with respect to the Series 5 Preferred Units.
3 In accordance with TSX rules, any daily repurchases with respect to the Series 1, Series 3 and Series 5 Preferred Units will be limited to 25% of the average daily trading volume on the TSX of the respective series.

Repurchases are authorized to commence on November 10, 2016 and will terminate on November 9, 2017, or earlier should Brookfield Infrastructure complete its repurchases prior to such date.

Under its previous normal course issuer bid that expired on October 5, 2016, Brookfield Infrastructure purchased an aggregate of 143,800 LP Units at an average price of US$40.03 per LP Unit. Brookfield Infrastructure did not acquire any Preferred Units in the past 12 months.

All purchases will be made through the facilities of the TSX or the New York Stock Exchange, and all Units acquired under the normal course issuer bid will be cancelled. 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.

From time to time, when Brookfield Infrastructure does not possess material non-public information about itself or its securities, it may enter into automatic purchase plans with its broker to allow for the repurchase of Units, subject to certain trading parameters, at times when Brookfield Infrastructure ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with Brookfield Infrastructure's broker will be adopted in accordance with applicable Canadian and U.S. securities laws including the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. The Units subject to an automatic purchase plan may vary. Outside these periods, Units will be repurchased in accordance with management's discretion, subject to applicable law.

Brookfield Infrastructure Partners is a leading global infrastructure company that owns and operates high quality, long-life assets in the utilities, transport, energy and communications infrastructure sectors across North and South America, Asia Pacific and Europe. We are focused on assets that generate stable cash flows and require minimal maintenance capital expenditures. Brookfield Infrastructure Partners is listed on the New York and Toronto stock exchanges. Further information is available at www.brookfieldinfrastructure.com.

Brookfield Infrastructure is the flagship listed infrastructure company of Brookfield Asset Management, a leading global alternative asset manager with approximately $250 billion of assets under management. For more information, go to www.brookfield.com

For more information, please visit our website at www.brookfieldinfrastructure.com.

Note: This news release contains forward-looking information within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in applicable Canadian securities regulations. The words "believes," "may" or derivations thereof and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters identify the above mentioned and other forward-looking statements. Forward-looking statements in this news release include statements regarding potential future purchases by Brookfield Infrastructure of its Units pursuant to its normal course issuer bid. Although Brookfield Infrastructure believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on them, or any other forward looking statements or information in this news release. The future performance and prospects of Brookfield Infrastructure are subject to a number of known and unknown risks and uncertainties. Factors that could cause actual results of Brookfield Infrastructure to differ materially from those contemplated or implied by the statements in this news release include: general economic conditions; interest rate changes; availability of equity and debt financing; the performance of the Units or the stock exchanges generally; and other risks and factors described in the documents filed by Brookfield Infrastructure with the securities regulators in Canada and the United States including under "Risk Factors" in Brookfield Infrastructure's most recent Annual Report on Form 20-F and other risks and factors that are described therein. Except as required by law, Brookfield Infrastructure undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

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