<SEC-DOCUMENT>0001193125-20-038613.txt : 20200409
<SEC-HEADER>0001193125-20-038613.hdr.sgml : 20200409
<ACCEPTANCE-DATETIME>20200214172002
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ACCESSION NUMBER:		0001193125-20-038613
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200214

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
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1114&nbsp;Avenue&nbsp;of&nbsp;the&nbsp;Americas<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">23rd Floor</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">New York, New York</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">10036.7703 USA</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Tel&nbsp;&nbsp;&nbsp;&nbsp;212.880.6000</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">Fax&nbsp;&nbsp;&nbsp;212.682.0200</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman">www.torys.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February&nbsp;14, 2020 </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>
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<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; margin-left:10%; font-size:10pt; font-family:Times New Roman">Jennifer L&oacute;pez, Staff Attorney </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; font-size:10pt; font-family:Times New Roman">Jennifer Thompson, Branch Chief </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left: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>
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<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; margin-left: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; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Initially Filed on September&nbsp;25, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left: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; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;4 to Registration
Statement on Form <FONT STYLE="white-space:nowrap">F-1</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed February&nbsp;14, 2020 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; 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 February&nbsp;10, 2020 relating to Amendment No.&nbsp;3 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;4 to the Registration Statement (&#147;<B>Amendment No.</B><B></B><B>&nbsp;4</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;4 to update other disclosures. Unless otherwise indicated, defined terms used herein have the meanings set forth in Amendment No.&nbsp;4. </P>
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 <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">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Amendment No.&nbsp;3 to Registration on Form <FONT STYLE="white-space:nowrap">F-1</FONT>
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations Reconciliation of <FONT
STYLE="white-space:nowrap">Non-IFRS</FONT> Financial Measures, page 102 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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 disclosure on page 103 regarding limitations associated with your <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> measure proportionate debt. Based on your response to the last bullet point of comment 3, it appears that a limitation of the proportionate debt measure and of comparing this measure to your proportionate
Adjusted EBITDA measure is that if an individual project doesn&#146;t generate sufficient cash flows to cover the entire amount of its debt payments, you may need to pay the shortfall between that project&#146;s cash flows and that project&#146;s
debt to avoid losing control over the project&#146;s assets and cash flows, and such a shortfall may not be apparent from or may not equal the difference between aggregate proportionate Adjusted EBITDA for all of your portfolio businesses and
aggregate proportionate debt for all of your portfolio businesses. Please tell us how you determined this was not a limitation of your proportionate <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> measures that should be disclosed to your
investors. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; 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 on
page&nbsp;102 of Amendment No. 4. to disclose the aforementioned limitation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Executive Compensation </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Summary of Compensation, page 138 </U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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>Please update your Executive Compensation Disclosures to include any compensation paid for the fiscal
year ended December&nbsp;31, 2019. Refer to Item 6(b) of Form <FONT STYLE="white-space:nowrap">20-F</FONT> for guidance. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; 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 updated the Executive Compensation Disclosure in Amendment No.&nbsp;4 to include
the compensation paid for the fiscal year ended December&nbsp;31, 2019. </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 204
</U></I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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 response to comment 4 and the revised disclosure regarding the reasons why Torys LLP is not
rendering an opinion as to the &#147;investment partnership&#148; status, &#147;because it depends on the highly factual determination that, for purposes of Section&nbsp;731 of the U.S. Internal Revenue Code, neither the Partnership nor Holding LP
has been engaged in a trade or business since its date of formation.&#148; However, the &#147;investment partnership&#148; status appears to be a material tax consequence that is necessary for counsel to opine on the
<FONT STYLE="white-space:nowrap">tax-free</FONT> status of the special distribution of Class&nbsp;A shares. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Accordingly, please revise to include the &#147;investment partnership&#148; representation with the opinion of counsel. In this regard,
counsel may clearly describe the degree of and legal or factual reasons for the </I></B></P>
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 <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">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>uncertainty, but may not assume material tax consequences. Please refer to Sections III.C.3
and 4 of Staff Legal Bulletin 19. </I></B></P> <P STYLE="margin-top:12pt; 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 on
pages&nbsp;17 to 18, 30, and 204 of Amendment No.&nbsp;4 to clarify that, based upon the U.S. Internal Revenue Code, Treasury Regulations, published revenue rulings, and court decisions, and certain factual statements and representations made by the
general partner of the Partnership and the Infrastructure Special LP as to the structure, activities, and assets of the Partnership and Holding LP from their respective dates of formation, Torys LLP is of the opinion that each of the partnership and
Holding LP should qualify as an &#147;investment partnership&#148; within the meaning of the U.S. Internal Revenue Code. </P>
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 <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">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February 14, 2020 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&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 (212) <FONT STYLE="white-space:nowrap">880-6363.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely,</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>TORYS LLP</B></P></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Mile T. Kurta</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Mile T. Kurta</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
