Brookfield BIP Bermuda Holdings I Limited (BIP) will be selling a new issue of perpetual subordinated notes.
Interest payments will be quarterly. There will be a optionally available redemption period for the company starting in 2027.
These are perpetual subordinated notes so there will be no stated maturity date.
The issuer is a division of Brookfield Infrastructure Partners (BIP).
The issuer has the right to defer interest payments as shown below from the prospectus–
Interest which accrues during an Interest Period will be due and payable on the relevant Interest Payment Date, unless the Issuer elects, in its sole discretion, to defer the relevant payment of interest (in whole or in part). The Issuer may, at its discretion, elect to defer any payment of interest (in whole or in part) which is otherwise scheduled to be paid on an Interest Payment Date; provided that any such deferred interest shall become due and payable on the date the Issuer declares any distributions on any of the Issuer’s common shares or preferred shares. If the Issuer elects not to make all or part of any payment of interest on an Interest Payment Date, then neither the Issuer nor any Guarantor will have any obligation to pay such interest on the relevant Interest Payment Date. Deferred interest will accrue, compounding on each subsequent Interest Payment Date, until paid.
The preliminary prospectus can be found here.
Early Bird was on top of this one.
