Brookfield Infrast Partners Lp Stock Price, News & Analysis

Foundry JV Holdco has successfully completed its consent solicitation for amendments to the indentures governing its various Senior Secured Notes due between 2030 and 2038. The company received consents from holders of more than 50% of the aggregate principal amount of each series of Notes before the expiration on January 17, 2025.

The company will pay a Consent Fee of $1.00 per $1,000 in principal amount of Notes for consents delivered and accepted before the expiration time. The amendments will become operative upon satisfaction of conditions and payment of the consent fee. BNP Paribas Securities Corp. and Wells Fargo Securities, served as solicitation agents for the process.

Foundry JV Holdco has launched a consent solicitation for amendments to its outstanding Senior Secured Notes, including 5.900% due 2030, 6.150% due 2032, 5.875% due 2034, 6.250% due 2035, and 6.400% due 2038. The proposed amendments aim to improve rating agency assessments and include changes to:

1. Total Net Debt definition regarding suspended distributions after January 25, 2038
2. Events of Default related to Intel Member's bankruptcy conditions
3. Provisions for voluntary establishment of a Debt Service Reserve Account

The solicitation expires on January 17, 2025, at 5:00 p.m. NYC time. Consenting holders will receive $1.00 per $1,000 in principal amount of Notes. The consent requires approval from holders of more than 50% of each series' aggregate principal amount and execution of a Note Purchase Agreement amendment.

Brookfield Infrastructure Partners has scheduled its fourth quarter 2024 earnings conference call and webcast for Thursday, January 30, 2025, at 9:00 a.m. ET. The company will release its financial results earlier that morning, before 7:00 a.m. ET. The results will be accessible on the company's website at bip.brookfield.com.

Participants have two options to join the presentation: via conference call through pre-registration (which provides a dial-in number and unique PIN to bypass the operator queue) or through the webcast platform.

Brookfield Infrastructure Partners L.P. (BIP) and Brookfield Infrastructure (BIPC) have secured all necessary shareholder, court, and regulatory approvals for their previously announced reorganization. The arrangement will take effect before market opening on December 24, 2024. Under this reorganization, BIPC shareholders will automatically receive new class A exchangeable shares that maintain the same economic benefits and governance structure as their current investment. These New Exchangeable Shares will continue trading under the symbol 'BIPC' on both the Toronto Stock Exchange and New York Stock Exchange.

BIP Investment (BIPIC), a subsidiary of Brookfield Infrastructure Partners, announced the approval of a special resolution at a shareholders' meeting to allow the redemption of Series 1 Preferred Shares with a shortened notice period. The resolution passed with 80.30% votes in favor. Following this approval, BIPIC plans to redeem all outstanding Preferred Shares on December 5, 2024, at C$26.75 per share. Shareholders of record as of November 29, 2024, will also receive a final quarterly dividend of C$0.4671875 per share.

Brookfield Infrastructure announced the completion of a $300 million Fixed-to-Fixed Reset Rate Subordinated Notes offering, due March 15, 2055. The notes will initially bear a 6.750% annual interest rate until March 15, 2030, after which the rate will reset every five years based on the five-year U.S. treasury rate plus a 2.453% spread, with a minimum rate of 6.750%. The notes were issued by Brookfield Infrastructure Finance ULC and are guaranteed by Brookfield Infrastructure and certain subsidiaries. The proceeds will be used to refinance existing debt and for general corporate purposes.

Brookfield Infrastructure Partners (BIP) and Brookfield Infrastructure (BIPC) announced the renewal of their normal course issuer bids for their respective securities. BIP is authorized to repurchase up to 23,088,572 LP Units (5% of outstanding) and specified amounts of Preferred Units across four series. BIPC can repurchase up to 11,889,600 Exchangeable Shares. The repurchase programs will run from December 2, 2024, to December 1, 2025. Both companies plan to implement automatic share purchase plans around December 23, 2024. Neither BIP nor BIPC has repurchased any units under their current programs in the past twelve months.

BIP Investment (BIPIC) announced the adjournment of its special meeting for holders of senior preferred shares, series 1, from November 27 to December 2, 2024. The virtual meeting will consider a special resolution to amend preferred shares terms, allowing BIPIC to redeem them at $26.75 per share with three business days' notice. Shareholders can submit proxy votes until November 28, 2024, at 5:00 p.m. Eastern Time.

Brookfield Infrastructure reported Q3 2024 financial results with FFO of $599 million, up 7% year-over-year, and FFO per unit of $0.76, representing a 4% increase. The company posted a net loss of $52 million compared to net income of $104 million in the prior year, primarily due to mark-to-market losses on corporate hedging activities. The company achieved its $2 billion capital recycling target for the year, including the sale of Mexican natural gas transmission business and recapitalization of North American gas storage platform. Strong performance was driven by new investments, organic growth, and inflation indexation across segments.