Brookfield Infrastructure postpones $150 million preferred limited partnership units

By James McCandless

San Antonio, June 22 – Brookfield Infrastructure Partners LP postponed plans to price a $150 million offering of $25-par series 13 class A preferred limited partnership units with a dividend in the 5.375% to 5.5% area, according to a market source.

The company cited market conditions.

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC were the bookrunners.

The co-manager was TD Securities (USA) LLC.

Dividends were payable on March 15, June 15, Sept. 15 and Dec. 15, starting on Sept. 15, 2020.

The preferreds were redeemable on or after July 31, 2025 at par. Prior to that, the preferreds are redeemable within 60 days after a tax event at par or within 120 days after a ratings event at 102%.

Brookfield originally planned to use the proceeds to repay amounts drawn within the past year under its unsecured revolving credit facility.

The company had plans to list the preferreds New York Stock Exchange under the symbol “BIPPrA.”

Brookfield is a Bermuda-based diversified infrastructure company.

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