BIP - Brookfield Infrastructure Announces Reset Distribution Rate on Its Series 11 Preferred Units | Benzinga
All amounts in Canadian dollars unless otherwise stated
BROOKFIELD, News, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Brookfield Infrastructure Partners L.P. ("Brookfield Infrastructure") (NYSE:BIP, TSX:BIP) today announced that it has determined the fixed distribution rate on its Cumulative Class A Preferred Limited Partnership Units, Series 11 ("Series 11 Units") (TSX:BIP) for the five years commencing January 1, 2024 and ending December 31, 2028.
Series 11 Units and Series 12 Units
If declared, the fixed quarterly distributions on the Series 11 Units during the five years commencing January 1, 2024 will be paid at an annual rate of 6.446% ($0.402875 per unit per quarter).
Holders of Series 11 Units have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on December 18, 2023, to reclassify all or part of their Series 11 Units, on a one-for-one basis, into Cumulative Class A Preferred Limited Partnership Units, Series 12 ("Series 12 Units"), effective December 31, 2023.
The quarterly floating rate distributions on the Series 12 Units will be paid at an annual rate, calculated ...