Brookfield Asset Management invests to fund investment opportunities
By Devika Patel
Knoxville, Tenn., May 10 - Brookfield Infrastructure Partners LP said that Brookfield Asset Management Inc. will invest about $12 million more in a private placement of units, bringing the total proceeds to about $94.01 million. The deal priced May 7. The company also said that the $32.15 million greenshoe option has been fully exercised in its $214.31 million public offering of units, which also priced May 7.
In the placement, the company is selling redeemable partnership units to Brookfield Asset Management at $36.24 per unit. The price per unit is a 5.45% discount to the closing share price on May 6, $38.33.
In the public offering, the company sold 6,528,665 limited partnership units at $37.75 per unit. Of the units, 851,565 were part of the fully exercised greenshoe.
Settlement is expected May 13.
Proceeds will be used for investment opportunities, working capital and other general corporate purposes and to repay debt.
The asset-management company is based in Hamilton, Bermuda.
| Issuer: | Brookfield Infrastructure Partners LP
|
| Issue: | Redeemable partnership units
|
| Amount: | $94,007,496 (approximate)
|
| Price: | $36.24
|
| Warrants: | No
|
| Investor: | Brookfield Asset Management Inc.
|
| Pricing date: | May 7
|
| Upsized: | May 10
|
| Settlement date: | May 13
|
| Stock symbol: | NYSE: BIP
|
| Stock price: | $38.33 at close May 6
|
| Market capitalization: | $5.47 billion
|
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