On November 29, 2024, Brookfield Infrastructure Partners L.P. announced the closing of a public offering of $300 million of Fixed-to-Fixed Reset Rate Subordinated Notes due March 15, 2055. The notes will bear interest at an annual rate of 6.750% until March 15, 2030.
Thereafter, the interest rate will reset every five years at an annual rate equal to the five-year U.S. treasury rate plus a spread of 2.453%, with a floor of 6.750%. The notes were issued by Brookfield Infrastructure Finance ULC, an indirect wholly-owned subsidiary, and are guaranteed on a subordinated basis by Brookfield Infrastructure and certain other subsidiaries.
Brookfield Infrastructure intends to utilize the net proceeds from this offering to refinance existing indebtedness and for general corporate purposes. This financing initiative contributes to the company's strategy of maintaining a conservatively capitalized balance sheet and extending debt maturities.
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