BORROWINGS


(a)	Corporate Borrowings

Brookfield Infrastructure has a $1.975 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $1.975 billion is available on a revolving basis for the full term of the facility. All amounts outstanding under this facility will be repayable on June 30, 2023. All obligations of Brookfield Infrastructure under the facility are guaranteed by our partnership. Loans under this facility accrue interest at a floating rate based on LIBOR plus 1.2%. Brookfield Infrastructure is required to pay an unused commitment fee under the facility of 18 basis points per annum. As at December 31, 2018, draws on the credit facility were $510 million (2017: $789 million) and $47 million of letters of credit were issued (2017: $106 million).



	Maturity	Annual Rate	Currency	2018		2017
Corporate revolving credit facility	June 30, 2023	LIBOR plus 1.2%	US$	510		789
Medium Term Notes⁽¹⁾:
Current:
Public - Canadian	October 30, 2018	3.0%	C$	—		99
Non-Current:
Public - Canadian	October 30, 2020	3.5%	C$	275		298
Public - Canadian	March 11, 2022	3.5%	C$	330		358
Public - Canadian	February 22, 2024	3.3%	C$	220		239
Public - Canadian	February 22, 2024	3.3%	C$	293		318
Public - Canadian	September 11, 2028	4.2%	C$	365		—
Total				$	1,993	$	2,101


(1)	See Note 20, Subsidiary Public Issuers for further details.

On October 30, 2018, Brookfield Infrastructure Finance ULC repaid C$125 million of maturing medium-term notes.

On September 10, 2018, Brookfield Infrastructure Finance ULC issued C$500 million of medium-term notes maturing September 11, 2028 with a coupon of 4.2%. The proceeds were swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.7%.

On April 17, 2017, Brookfield Infrastructure Finance ULC issued C$400 million of medium-term notes maturing February 22, 2024 with a coupon of 3.3%. The notes were issued at a premium with an effective interest rate of 3.1% per annum, which was swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.0%.

On February 22, 2017, Brookfield Infrastructure Finance ULC issued C$300 million of medium-term notes maturing February 22, 2024 with a coupon of 3.3%, which was swapped into U.S. dollars on a matched maturity basis at an all-in rate of 4.1%.

The decrease in corporate borrowings of $108 million during the year ended December 31, 2018 is due to a net repayment of $279 million on the corporate revolving credit facility, repayment of $94 million of maturing debt and the impact of a weaker Canadian dollar relative to the U.S. dollar. These reductions were partially offset by the September 2018 medium-term note issuance of $377 million.

Brookfield Infrastructure has entered into a $500 million revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility has an effective date of February 8, 2018 and automatically renews for four consecutive one year terms on the first, second, third and fourth anniversary of such effective date, which would result it in ultimately maturing on February 8, 2023. Brookfield has the option to terminate the agreement prior to February 8 each year by providing Brookfield Infrastructure with written notice. All obligations of Brookfield Infrastructure under the facility were guaranteed by our partnership. Loans under this facility accrued interest on LIBOR plus 2.0% and no commitment fees were incurred for any undrawn balance. As of December 31, 2018, there were $nil (2017: $nil) of borrowings outstanding.


(b)	Non-Recourse Borrowings

The current and non-current balances of non-recourse borrowings are as follows:



US$ MILLIONS	2018		2017
Current	$	985	$	364
Non-current	12,128		7,699
Total	$	13,113	$	8,063

Non-recourse borrowings have increased by $5.1 billion since year-end. This increase is primarily attributable to $4.0 billion of borrowings associated with our recent acquisitions and the issuance of $1.5 billion five-year senior notes at our Brazilian regulated gas transmission business. These increases are partially offset by a decrease in the U.S. dollar equivalent of foreign denominated debt as most of the currencies we operate in depreciated relative to the U.S. dollar during the year ended December 31, 2018.

Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:



US$ MILLIONS	Utilities			Transport			Energy			Data Infrastructure			Total
2019	98			233			82			583			996
2020	348			205			247			6			806
2021	501			307			11			16			835
2022	205			340			211			6			762
2023	2,252			340			925			6			3,523
Thereafter	2,008			2,023			1,733			520			6,284
Total Principal repayments	5,412			3,448			3,209			1,137			13,206
Deferred financing costs and other	(15		)	(4		)	(54		)	(20		)	(93		)
Total - Dec. 31, 2018	$	5,397		$	3,444		$	3,155		$	1,117		$	13,113
Total - Dec. 31, 2017	$	3,649		$	3,257		$	1,157		$	—		$	8,063

The weighted average interest rates of non-recourse borrowings are as follows:



US$ MILLIONS	Utilities		Transport		Energy		Data Infrastructure		Total
Dec. 31, 2018	4	%	6	%	6	%	6	%	5	%
Dec. 31, 2017	4	%	5	%	5	%	—		5	%

Principal repayments on non-recourse borrowings in their local currency are as follows:



US$ MILLIONS, except as noted	Dec. 31, 2018		Local Currency		Dec. 31, 2017		Local Currency
U.S. dollars	$	5,317	USD	5,317	$	3,087	USD	$	3,087
British pounds	1,847		GBP	1,447	1,735		GBP	1,283
Canadian dollars	1,388		CAD	1,893	397		CAD	499
Brazilian real	1,342		BRL	5,200	—		BRL	—
Australian dollars	925		AUD	1,312	1,013		AUD	1,297
Chilean Unidad de Fomento⁽¹⁾	837		UF	21	960		UF	22
Indian rupees	565		INR	39,236	186		INR	11,847
Colombian pesos	411		COP	1,337,497	184		COP	549,384
Peruvian soles	441		PEN	1,486	458		PEN	1,483
New Zealand dollars	40		NZD	60	43		NZD	61


(1)	Chilean Unidad de Fomento is an inflation adjusted unit of account indexed to the Chilean Peso.


(c)	Supplemental Information

Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:



US$ MILLIONS	2017		Cash Flows		Acquisitions		Foreign Exchange Movement			2018
Corporate borrowings	$	2,101	$	4	$	—	$	(112	)	$	1,993
Non-recourse borrowings	8,063		3,951		1,484		(385		)	13,113