On November 27, 2024, Brookfield Infrastructure Partners L.P. (BIP) announced that the Toronto Stock Exchange (TSX) accepted its notice to renew its normal course issuer bid for outstanding limited partnership units (LP Units) and cumulative class A preferred limited partnership units (Preferred Units). Brookfield Infrastructure Corporation (BIPC) also renewed its bid for class A exchangeable subordinate voting shares.
Under BIP's renewed bid, the Board of Directors authorized the repurchase of up to 5% of the issued and outstanding LP Units, totaling up to 23,088,572 LP Units. Additionally, BIP is authorized to repurchase up to 10% of the total public float of each series of its four outstanding Preferred Units.
These repurchases are authorized to commence on December 2, 2024, and will terminate on December 1, 2025. The company believes this provides flexibility to purchase units and shares when they are trading at prices that do not fully reflect their value, although no repurchases were made under the previous bid in the past twelve months.
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