Company: BIP-PB
Filing Date: 2025-03-24
Form Type: 20-F
Source: 0001628280-25-014380
Chunk: 290

Company: Brookfield Infrastructure Partners L.P.
Filing Date: 2025-03-24
Form: 20-F
Item: Item 5
Chunk 290
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 Book Value                              Book Value                          
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Outstanding at beginning of year       $               393      6,086,026      $               401      6,464,819  
  Conversions                            (5)                      (347,874)      (8)                      (378,793)  
  Outstanding at end of year             $               388      5,738,152      $               393      6,086,026  

During 2024 and 2023, our outstanding issued Perpetual Subordinated Notes changed as follows:

  US$ MILLIONS                          2024               2023           
 ──────────────────────────────────────────────────────────────────────────
  Outstanding at beginning of year      $         293      $         293  
  Outstanding at end of year            $         293      $         293  

On January 21, 2022, Bermuda Holdco issued $300 million aggregate principal amount of Perpetual Subordinated Notes, with a fixed coupon rate of 5.125% annually. In total, $293 million net proceeds were raised. The Perpetual Subordinated Notes do not have a fixed maturity date and are not redeemable at the option of the holders, therefore the notes are classified as non-controlling interest. The perpetual subordinated notes also provide Bermuda Holdco, at its discretion, the right to defer the interest (in whole or in part) indefinitely.

164 Brookfield Infrastructure

The total number of preferred partnership units in the Holding LP outstanding was comprised of the following:

                                            As of                                              
                                            December 31, 2024                                  
  Holding LP Series 1 Preferred Units                               4,989,265       4,989,265  
  Holding LP Series 3 Preferred Units                               4,989,262       4,989,262  
  Holding LP Series 9 Preferred Units                               7,986,595       7,986,595  
  Holding LP Series 11 Preferred Units                              9,936,190       9,936,190  
  Holding LP Series 13 Preferred Units                              8,000,000       8,000,000  
  Holding LP Series 14 Preferred Units                              8,000,000       8,000,000  
  Total                                                            43,901,312      43,901,312  

During 2024 and 2023