Terms

Series

5.125% Class A Preferred Limited Partnership Units, Series 13

Liquidation Preference

$25.00

Coupon Rate

5.125%

Rate Type

Fixed

Annual Dividend

$1.28

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

October 15, 2025

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Existing And Future Indebtedness Of The Partnership, Senior Securities (Any Partnership Interests Ranking Senior To Class A Preferred Units), All Existing And Future Debt And Guarantee Obligations Of Subsidiaries; Pari Passu With: All Other Series Of Class A Preferred Units Including Existing Preferred Units, Any Other Parity Securities; Senior To: Lp Units, Junior Securities (Any Partnership Interests Ranking Junior To Class A Preferred Units)

Regulatory (Basel III) Call

Yes

Tax Classification

Mlp K1

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

8,000,000

Prospectus Summary

Brookfield Infrastructure Partners L.P. (NYSE: BIP), a Bermuda exempted limited partnership, is offering 8,000,000 units of its 5.125% Class A Preferred Limited Partnership Units, Series 13, at a liquidation preference of $25.00 per unit, callable at par on or after October 15, 2025. The annual distribution is $1.28125 per unit ($0.3203125 quarterly), paid on March 15, June 15, September 15, and December 15. These are cumulative preferred units, meaning any distributions the general partner elects not to declare accrue and must be paid in full before any distributions can be made on junior securities — though this does not obligate the partnership to hold cash in reserve for this purpose. The Series 13 Preferred Units sit above LP units and other junior partnership interests but below all indebtedness of the partnership and any designated Senior Securities. Critically, they are structurally subordinated to all debt and equity obligations at the subsidiary level — the partnership is a holding entity whose cash flows depend entirely on its subsidiaries. Unlike the Existing Preferred Units (Series 1–12), the Series 13 units carry no guarantee from BIPC Holdings Inc. (the BIPC Guarantor), further deepening their structural subordination. The Ratings Event redemption at $25.50 (102% of par) is triggered if a rating agency changes its equity-credit criteria for the units, reducing equity credit or shortening the period those criteria apply — a risk relevant to investors relying on the units' equity treatment in the issuer's capital structure. At the $25.00 offering price, the Series 13 Preferred Units yield 5.125% annually. Record dates are set as of the close of business on the last business day of the month preceding each payment date. Because Brookfield Infrastructure Partners L.P. is a Bermuda limited partnership, distributions are generally treated as partnership income (passed through on a Schedule K-1 equivalent basis for U.S. holders) rather than qualified dividends, meaning they likely do not qualify for the 15%/20% preferential QDI rate available to individual shareholders or the dividends-received deduction available to corporate holders. Distributions are blocked from junior securities if any cumulative Series 13 distributions remain unpaid; however, distributions are declared at the general partner's discretion and the partnership has no obligation to accumulate cash to cover missed payments.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If any accrued and unpaid distributions on the Series 13 Preferred Units (or any parity securities) remain outstanding, the issuer is blocked from declaring or paying distributions on LP units or any other junior securities.

Other Preferreds from Brookfield Infrastructure Partners LP

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 54 (Average)