<SEC-DOCUMENT>0001193125-19-321006.txt : 20200409
<SEC-HEADER>0001193125-19-321006.hdr.sgml : 20200409
<ACCEPTANCE-DATETIME>20191220163820
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-19-321006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Corp
		CENTRAL INDEX KEY:			0001788348
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		250 VESEY STREET, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		(212) 417-7000

	MAIL ADDRESS:	
		STREET 1:		250 VESEY STREET, 15TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ROWSPAN="3">


<IMG SRC="g851254snap1.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1114 Avenue of the Americas</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">23rd Floor</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">New York, New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">10036.7703 USA</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tel 212.880.6000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fax 212.682.0200</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">www.torys.com</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">December&nbsp;20, 2019&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mara Ransom, Office Chief </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:10pt; font-family:Times New Roman">Jennifer L&oacute;pez, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:10pt; font-family:Times New Roman">Jennifer Thompson, Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:10%; font-size:10pt; font-family:Times New Roman">Robert Babula, Staff Accountant </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Brookfield Infrastructure Corp. and Brookfield Infrastructure Partners L.P. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed September&nbsp;25, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File Nos. <FONT STYLE="white-space:nowrap">333-233934</FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-233934-01</FONT></FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to Registration
Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Filed December&nbsp;20, 2019 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are submitting
this letter on behalf of Brookfield Infrastructure Corporation (the &#147;<B>Company</B>&#148;) and Brookfield Infrastructure Partners L.P. (the &#147;<B>Partnership</B>,&#148; and together with the Company, the &#147;<B>Registrants</B>&#148;) in
response to comments from the staff (the &#147;<B>Staff</B>&#148;) of the Securities and Exchange Commission (the &#147;<B>Commission</B>&#148;) received by electronic mail dated December&nbsp;10, 2019 relating to Amendment No.&nbsp;1
(&#147;<B>Amendment No.</B><B></B><B>&nbsp;1</B>&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> (Registration Nos. <FONT STYLE="white-space:nowrap">333-233934</FONT> and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">333-233934-01)</FONT></FONT> of the Registrants originally filed with the Commission on September&nbsp;25, 2019 (the &#147;<B>Registration Statement</B>&#148;). Amendment No.&nbsp;2 to the Registration Statement
(&#147;<B>Amendment No.</B><B></B><B>&nbsp;2</B>&#148;) is being filed concurrently herewith. The numbered paragraphs below correspond to the numbered comments in the Staff&#146;s letter and the Staff&#146;s comments are presented in bold italics.
In addition to addressing the comments raised by the Staff in its letter, the Registrants have revised Amendment No.&nbsp;2 to update other disclosures. Unless otherwise indicated, defined terms used herein have the meanings set forth in Amendment
No.&nbsp;2. </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">F-1/A</FONT> filed on
November&nbsp;13, 2019 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Questions and Answers Regarding the Special Distribution, page 3 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to comment 2, however, we continue to believe that your references to
&#147;identical&#148; and &#147;economic equivalent&#148; are unclear. Specifically, please help us reconcile your statement that &#147;the dividend level on the class A shares will be identical to the post-closing unit distribution level (emphasis
added),&#148; which suggests that the dividend on class A shares will be 9/10ths of the <FONT STYLE="white-space:nowrap">pre-closing</FONT> level of distributions for the Units, with your statement that &#147;the result that the aggregate
distribution received by a holder on its units and class A shares will be the same as it would have received if the special distribution had not been made,&#148; which suggests that the dividend on class A shares will be 1/10ths of the <FONT
STYLE="white-space:nowrap">pre-closing</FONT> level of distributions for the Units. Please revise to state, if true, the amount of distributions on one class A share and one unit in the aggregate after the Special Distribution will be identical
and/or the economic equivalent of the amount of distributions on one unit before the Special Distribution. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The
Registrants respectfully advise the Staff that the disclosure appearing on page 3 of Amendment No.&nbsp;1 (and repeated in other sections therein) is only meant to disclose the fact that the aggregate distributions to be paid on all units for the
distribution date immediately prior to the special distribution and the aggregate distributions/dividends to be paid on the units and class A shares on the distribution/dividend date immediately following the special distribution are intended to be
equal in the aggregate, even though (as a result of there being more securities of the group outstanding) the per unit/class A share distributions/dividends will be lower (although the same on a per unit/class A share basis). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For example, assuming a partnership unitholder owns 90 units prior to the special distribution, it would be entitled to receive an aggregate of
$45.225 in distributions (based on a quarterly distribution amount per unit of $0.5025) for the distribution period immediately prior to the special distribution. Based on the distribution ratio of one class A share for nine units, the unitholder is
expected to receive 10 class A shares and therefore immediately after the special distribution the holder would own 100 securities (90 units and 10 class A shares). The holder will still receive an aggregate distribution of $45.225 (assuming the
holder continues to own the 90 units and 10 class A shares), but that $45.225 would be divided among the 90 units it owns and the 10 class A shares it owns immediately after the special distribution. Therefore, while the aggregate distributions to
be received by the holder for the distribution period immediately after the special distribution would remain the same (<I>i.e.</I>, $45.225), the per unit/per share amount would no longer be $0.5025 but rather $0.45225 per unit and $0.45225 per
class A share. Therefore, the distribution amount per unit/class A share will be identical (<I>i.e.</I>, $0.45225), but on a per unit/class A share basis it will be reduced from the <FONT STYLE="white-space:nowrap">pre-closing</FONT> level to take
into account that there are more securities outstanding (100 rather than 90, in the above example) that will be entitled to receive distributions. This effect on the quarterly distribution level mirrors what would happen in the event of a stock
split. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Further, if in the example above the holder of the 10 class A shares exchanged its class A shares for units, the holder would
receive 10 units upon exchange and, when added to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
90 units it already owned, would now own 100 units (and zero class A shares). Therefore, the holder would now be entitled to receive $0.45225 on each unit for an aggregate distribution of
$45.225, the same amount it would have received if there had been no special distribution. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In order to avoid any ambiguity, the
Registrants have made certain revisions and included a hypothetical example on pages 11 and 60 of Amendment No.&nbsp;2 to clarify the disclosure. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Risk Factor, page 20 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your response to comment 7. Please revise your disclosure to state, as you do in your response,
that &#147;the cash amount payable in the event that cash is used to satisfy an exchange request will be equal to the NYSE closing price of one unit on the date that the request for exchange is received by the transfer agent. As a result, a decrease
in the value of the units after that date will not affect the amount of cash received.&#148; </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the
Staff&#146;s comment, the Registrants have revised the disclosure starting on the page 34 of Amendment No.&nbsp;2. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>The Special Distribution
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Transaction Agreements, page 51 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your revised disclosure in response to comment 10. To provide additional context for investors,
please elaborate on how the &#147;value of the businesses transferred and the anticipated value of a share of [y]our company&#148; were determined. We also reissue our prior comment <FONT STYLE="white-space:nowrap">in-part,</FONT> as we are unable
to identify the revised disclosure related to how the exchange ratio of 1:9 was determined. Please revise to include such information or tell us where the revised disclosure has been included. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants respectfully advise the Staff that the board of directors of the general partner of the Partnership will determine the actual
distribution ratio closer to the distribution date (<I>i.e.</I>, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-nine</FONT></FONT> ratio is subject to change prior to the date on which the special distribution is
declared by the board of directors). The distribution ratio is intended to cause a proportionate split of the market capitalization of the Partnership between the units of the Partnership and the class A shares of the Company based on the value of
the businesses to be transferred to the Company relative to the Partnership&#146;s market capitalization. The <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-for-nine</FONT></FONT> ratio disclosed in the initial filing of the
Registration Statement and Amendment No.&nbsp;1 was determined using the current fair market value of the businesses to be transferred by the Partnership to the Company, the current number of the units outstanding (assuming exchange of the
redeemable partnership units of Holding LP), and the current market capitalization of the Partnership. This calculation will be confirmed (and may be changed, if considered appropriate) closer to the date of the special distribution. The fair market
value of the businesses to be transferred by the Partnership will be determined by the management of the Partnership using commonly accepted valuation methodologies and the value of the class A shares and the Partnership&#146;s market capitalization
will be determined using the market price for the units, each as of the most recent practicable date. The ratio may be rounded to reduce the number of fractional interests that will be created, and the distribution will be made pro rata. The
Registrants have revised the disclosure on pages 14 and 61 of Amendment No.&nbsp;2 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
to provide further detail of the general methodology that will be used in calculating the distribution ratio. The Registrants will include the final distribution ratio in the final prospectus.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Material United States Federal Income Tax Considerations, page 191 </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your revised disclosure that the conclusions in this section represent the opinion of Torys LLP.
Please tell us if you intend to file such opinion, as it appears that you have not revised your Exhibit index. Please refer to Item 601(b)(8) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Section III.A.2 of Staff Legal Bulletin
No.&nbsp;19. As a related matter, if you intend to file an opinion, please revise the disclosure in this section where you have included Torys LLP&#146;s opinion to clearly identify and articulate each material tax consequence being opined upon. In
this regard, we note your disclosure on page 191 that the discussion, to the extent it expresses conclusions as to the application of U.S. federal income tax law, represents the opinion of Torys LLP. However, we did not note an opinion on certain
matters that you discuss throughout the filing. For example, we note your disclosure throughout the filing that you believe the special distribution to U.S. unitholders is expected to qualify as a <FONT STYLE="white-space:nowrap">non-taxable</FONT>
distribution of property. Please revise to have counsel clearly identify and articulate each material tax consequence being opined upon. If there is significant doubt about the tax consequences of the transaction, counsel may issue a
&#147;should&#148; or &#147;more likely than not&#148; opinion to make clear that the opinion is subject to a degree of uncertainty. Please have counsel revise the tax opinion accordingly. Refer to Section III.C.3 and 4 of Staff Legal Bulletin
No.&nbsp;19 for guidance. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants advise the Staff that they intend to file a tax opinion with the
Registration Statement, and have revised the Exhibit index accordingly in Amendment No.&nbsp;2. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comments
regarding identifying and articulating each material tax consequence being opined upon, the Registrants have revised the disclosure on page&nbsp;209 of Amendment No.&nbsp;2 to clarify that the assumption that the partnership and Holding LP will be
treated as partnerships for U.S. federal income tax purposes is based on the opinion of Torys LLP that each of the partnership and Holding LP will be classified as a partnership and not as an association or publicly traded partnership taxable as a
corporation for United States federal income tax purposes. In addition, the Registrants have revised the disclosure on pages&nbsp;55, 210, 213, 214, and&nbsp;216 of Amendment No.&nbsp;2 to clearly identify U.S. federal income tax issues that are
highly factual in nature or that depend on future facts and circumstances with respect to which reasonable assumptions cannot be made, and to clarify that Torys LLP has rendered no opinion with respect to these issues. The Registrants respectfully
advise the Staff that the entire discussion under the heading &#147;MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS,&#148; to the extent it expresses conclusions as to the application of U.S. federal income tax law and subject to the
qualifications described therein, represents the opinion of Torys LLP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment that the special
distribution to U.S. unitholders is expected to qualify as a <FONT STYLE="white-space:nowrap">non-taxable</FONT> distribution of property, the Registrants have revised the disclosure on pages&nbsp;17, 28, 210, 213, and 216 of Amendment No.&nbsp;2 to
clarify that the reason </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2019 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
such treatment is not free from doubt is that it depends on the highly factual determination that, for such U.S. federal income tax purposes, neither the partnership nor Holding LP has ever been
engaged in a trade or business since the date of formation. The partnership and Holding LP were each formed in 2007. In addition, the Registrants have revised the disclosure on pages&nbsp;209 through 211 of Amendment No.&nbsp;2 to further clarify
that the special distribution will be <FONT STYLE="white-space:nowrap">non-taxable</FONT> to U.S. unitholders, even if treated as a distribution of cash, except to the extent that the fair market value of the class A shares received, as of the date
of the special distribution (plus the amount of cash received in lieu of fractional class A shares pursuant to the special distribution), exceeds a U.S. unitholder&#146;s adjusted tax basis in its interest in the partnership (including, for this
purpose, both units and partnership preferred units). In this regard, the Registrants respectfully advise the Staff that, based on the historic trading prices of the units, historic distributions on the units, and historic allocations of the
partnership&#146;s items of income, gain, loss, and deduction for U.S. federal income tax purposes, the fair market value of the class A shares distributed to a U.S. unitholder who acquired units only after December 2009 is not expected to exceed
such U.S. unitholder&#146;s adjusted tax basis in its interest in the partnership. Accordingly, the Registrants do not expect for any U.S. unitholder to recognize gain for U.S. federal income tax purposes by reason of receiving class A shares in the
special distribution, regardless whether the special distribution is treated as a distribution of cash or as a distribution of property for U.S. federal income tax purposes, unless such U.S. unitholder acquired units before January 2010.
Notwithstanding the foregoing, the Registrants respectfully note that the disclosure addresses the material U.S. federal income tax consequences of the special distribution without regard to when a unitholder acquired units. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Combined <FONT STYLE="white-space:nowrap">Carve-out</FONT> Financial Statements of the Utilities Operations of Brookfield Infrastructure Partners
L.P. </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note 3. Significant Accounting Policies, page <FONT STYLE="white-space:nowrap">F-10</FONT> </U></I></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Your response to comment 32 appears to describe three categories of revenue: core operations, which you
appear to define as the distribution of natural gas and electricity, <FONT STYLE="white-space:nowrap">non-core</FONT> operations, and connections. Please confirm our assumption that you will disaggregate revenues from external customers into these
three categories, and that your disclosure will include revenue from both BUUK and NTS. If our assumption is incorrect, please tell us in more detail what you plan to disclose and how such disclosure will comply with paragraph 32 of IFRS 8.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Registrants confirm that they will disclose within the audited combined
<FONT STYLE="white-space:nowrap">carve-out</FONT> financial statements of the Utilities Operations of the Partnership as at and for the year ended December&nbsp;31, 2019 to be included in the Registration Statement prior to effectiveness the
disaggregated revenues relating to BUUK into the following categories: (1)&nbsp;gas and electricity distribution, (2)&nbsp;connections, and (3)&nbsp;other operations. Given that the revenue stream pertaining to NTS is dissimilar to BUUK&#146;s
distribution revenue streams, the Registrants will separately disaggregate gas transmission revenue in relation to NTS into a fourth category of products and services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">************************* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;20, 2019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should the Staff have additional questions or comments regarding the foregoing, please do not
hesitate to contact the undersigned at <FONT STYLE="white-space:nowrap">(212)&nbsp;880-6363.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>TORYS LLP</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Mile T. Kurta</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Mile T. Kurta</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">cc: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bahir Manios, Chief
Financial Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Brookfield Infrastructure Corporation and Brookfield Infrastructure Partners L.P. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g851254snap1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g851254snap1.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M_,/[1T__ )_K/_P*@_\ BZ/9S_DE]S_R#VM+_GY'_P "7^8?VCI__/\ 6?\
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0@,))V25VZ$+MVW;ZMZG_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
