Brookfield Infrastructure issues $200m green preferred units
Brookfield Infrastructure Partners L.P. has closed the public issuance of 8,000,000 Class A Preferred Limited Partnership Units, Series 13, for gross proceeds of $200 million.
The company said that holders of the Series 13 Preferred Units will be entitled to receive a cumulative quarterly fixed distribution of 5.125% per annum.
The Series 13 Preferred Units have been approved for listing on the New York Stock Exchange under the symbol “BIP PR A”, according to the company.
“We are pleased to issue these inaugural green preferred units and further enhance our commitment to sustainable investment practices,” said Sam Pollock (pictured), Chief Executive Officer of Brookfield Infrastructure Partners.
“These practices are integrated into all aspects of our business, and this issuance further demonstrates the market’s support for our approach.”
Brookfield Infrastructure intends to use the net proceeds of the offering to finance and/or refinance recently completed and future Eligible Green Projects, which will include development and redevelopment projects.
The unallocated portion of the proceeds will be used to repay amounts drawn under Brookfield Infrastructure’s unsecured revolving credit facility, pending the allocation of an amount equal to the net proceeds of the offering.
Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC acted as joint bookrunning managers for the public offering. TD Securities (USA) LLC acted as co-manager for the public offering.
Brookfield Infrastructure Partners is a global infrastructure company that owns and operates assets in the utilities, transport, energy and data infrastructure sectors across North and South America, Asia Pacific and Europe.
The company is the flagship listed infrastructure company of Brookfield Asset Management, an alternative asset manager with approximately $550 billion of assets under management.
The infrastructure company entered into an agreement for the acquisition of Cincinnati Bell for approximately $2.6 billion at the beginning of the year.