Terms

Series

5.00% Class A Preferred Limited Partnership Units, Series 14

Liquidation Preference

$25.00

Coupon Rate

5%

Rate Type

Fixed

Annual Dividend

$1.25

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

February 16, 2026

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

Regulatory (Basel III) Call

No

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 5.00% Class A Preferred Limited Partnership Units, Series 14, at a liquidation preference of $25.00 per unit, generating $1.25 per unit annually ($0.3125 per quarter). The units are callable at par on or after February 16, 2026, and perpetual with no fixed maturity. These are direct LP units (not depositary shares). Distributions are cumulative — meaning if the general partner does not declare a quarterly distribution, unpaid amounts accrue and must be made current before any distributions can be paid on junior securities, though holders have no legal right to compel payment. The Series 14 Preferred Units sit above LP Units and other junior partnership interests but rank junior to all of the Partnership's existing and future indebtedness (approximately $23.5 billion consolidated as of September 2020) and any contractually senior partnership interests. Critically, these units are structurally subordinated to all debt and equity obligations of the Partnership's subsidiaries, which hold virtually all operating assets — meaning subsidiary creditors are paid before any cash reaches the Partnership level. Unlike the Existing Canadian Preferred Units, the Series 14 Preferred Units carry no subsidiary guarantee from BIPC Holdings Inc. There is no regulatory capital call provision, as BIP is a partnership, not a bank. A Ratings Event call (at $25.50) applies prior to February 16, 2026 if a rating agency reduces the equity credit assigned to these units. At the $25.00 offering price, the effective yield is 5.00% per annum. Distributions are paid quarterly on March 15, June 15, September 15, and December 15, to holders of record as of the last business day of the prior calendar month. Because BIP is a publicly traded partnership (PTP), holders receive Schedule K-1s and distributions are generally not eligible for the preferential 15%/20% qualified dividend income (QDI) rate applicable to C-corporation preferred dividends, nor for the corporate dividends-received deduction (DRD). The dividend stopper prevents distributions on LP Units or other junior interests if any accrued Series 14 distributions remain unpaid, but does not guarantee payment — the general partner retains full discretion over declarations.

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 14 Preferred Units (and parity securities) have not been paid, the Partnership may not declare or pay distributions on junior securities (including LP Units) unless those arrears are first made current.

Other Preferreds from Brookfield Infrastructure Partners LP

Div Score Breakdown

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