<SEC-DOCUMENT>0001104659-21-003921.txt : 20210113
<SEC-HEADER>0001104659-21-003921.hdr.sgml : 20210113
<ACCEPTANCE-DATETIME>20210113172025
ACCESSION NUMBER:		0001104659-21-003921
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210113
DATE AS OF CHANGE:		20210113

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-232256
		FILM NUMBER:		21526831

	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

FILED BY:		

	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:		FWP

	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>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed pursuant to Rule 433</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 13, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Supplementing the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Preliminary Prospectus Supplement Dated January
13, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(To Prospectus dated June 21, 2019)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-232256</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Brookfield Infrastructure Partners L.P.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B></B>Pricing Term Sheet</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">8,000,000 5.00% Class A Preferred Limited
Partnership Units, Series 14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">January 13, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The information in this pricing term
sheet relates to Brookfield Infrastructure Partners L.P.&rsquo;s offering of its 5.00% Class A Preferred Limited Partnership Units,
Series 14 (the &ldquo;Offering&rdquo;) and should be read together with the preliminary prospectus supplement dated January 13,
2021 relating to the Offering (the &ldquo;Preliminary Prospectus Supplement&rdquo;), including the documents incorporated by reference
therein, and the base prospectus dated June 21, 2019, filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended.
The information in this communication supersedes the information in the Preliminary Prospectus Supplement and the accompanying
base prospectus to the extent inconsistent with the information in the Preliminary Prospectus Supplement and the accompanying base
prospectus. Terms used herein but not defined herein shall have the meanings as set forth in the Preliminary Prospectus Supplement.
All references to dollar amounts are references to U.S. dollars.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; width: 33%; padding-left: 1.5pt">Issuer:</TD>
    <TD STYLE="padding-right: 1.5pt; width: 67%; padding-left: 1.5pt">Brookfield Infrastructure Partners L.P. (&ldquo;BIP&rdquo; or the &ldquo;Partnership&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Security:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">5.00% Class A Preferred Limited Partnership Units, Series 14 (the &ldquo;Units&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Size:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">$200,000,000 (8,000,000 Units)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Liquidation Preference:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">$25.00 per Unit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Maturity:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">Perpetual (unless redeemed by the Partnership (i) prior to February 16, 2026, at the Partnership&rsquo;s option, in connection with a Ratings Event; (ii) on or after February 16, 2026, at the Partnership&rsquo;s option; and (iii) at any time, in connection with a Change in Tax Law)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Distribution Rate:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">At a rate per annum equal to 5.00% ($1.25 per unit) only when, as, and if declared. &nbsp;Distributions on the Units are cumulative</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Distribution Payment Dates:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">The fifteenth day of March, June, September and December of each year (or the immediately succeeding Business Day), with the first distribution payable, if declared, on March 15, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Pro-rated Initial Distribution:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">$0.18750 per Unit</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; width: 33%; padding-left: 1.5pt">Optional Redemption on or after February 16, 2026:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; width: 67%; padding-left: 1.5pt">The Units may be redeemed at the Partnership&rsquo;s option, in whole or in part, at any time on or after February 16, 2026, at a price of $25.00 per Unit, plus an amount equal to all accrued and unpaid distributions thereon to, but excluding, the date of redemption, whether or not declared. &nbsp;Holders of the Units will have no right to require the redemption of the Units.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Optional Redemption Upon a Ratings Event:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">If a Ratings Event occurs prior to February 16, 2026, the Units may be redeemed at the Partnership&rsquo;s option, in whole but not in part, within 120 days after the conclusion of any review or appeal process instituted by the Partnership following the occurrence of a Ratings Event, at a price of $25.50 per Unit (102% of the liquidation preference), plus an amount equal to all accrued and unpaid distributions thereon to, but excluding, the date fixed for redemption, whether or not declared.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Optional Redemption Upon a Change in Tax Law:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">The Partnership will have the option to redeem all but not less than all of the Units at a redemption price of $25.00 per Unit, if as a result of a Change in Tax Law, there is, in the Partnership&rsquo;s reasonable determination, a substantial probability that the Partnership or any Successor Entity would become obligated to pay any additional amounts on the immediately succeeding distribution payment date with respect to the Units and the payment of those additional amounts cannot be avoided by the use of any reasonable measures available to the Partnership or any Successor Entity.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Trade Date:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">January 13, 2021</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Expected Settlement Date:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">January 21, 2021 (T+5)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Price to Public:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">$25.00 per Unit ($200,000,000 in the aggregate)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Underwriting Discounts and Commissions:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$0.7875 per Unit for retail investors ($4,332,037.50 in the
        aggregate)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$0.50 per Unit for institutional investors ($1,249,500.00
in the aggregate)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Net Proceeds (before expenses) to the Partnership:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">$194,418,462.50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Listing:</TD>
    <TD STYLE="text-align: justify; padding-right: 1.5pt; padding-left: 1.5pt">The Partnership will apply to list the Units on the New York Stock Exchange under the symbol &ldquo;BIP PR B.&rdquo;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">CUSIP/ISIN:</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">G16252 275 / BMG162522756</TD></TR>
</TABLE>



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    <TD STYLE="padding-right: 1.5pt; vertical-align: top; width: 33%; padding-left: 1.5pt">Anticipated Rating*:</TD>
    <TD STYLE="padding-right: 1.5pt; vertical-align: top; width: 66%; padding-left: 1.5pt">BBB- (Stable) (S&amp;P)</TD>
    <TD STYLE="padding-right: 1.5pt; width: 1%; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 1.5pt; vertical-align: top; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; vertical-align: top; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Joint Book-Running Managers:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Morgan Stanley &amp; Co. LLC <BR>
BofA Securities, Inc.<BR>
J.P. Morgan Securities LLC <BR>
RBC Capital Markets, LLC<BR>
Wells Fargo Securities, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.5pt; padding-left: 1.5pt">Co-Managers:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.5pt; padding-left: 1.5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MUFG Securities Americas Inc.</P>
        <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TD Securities (USA) LLC (together with the Joint Book-Running
Managers, the &ldquo;Underwriters&rdquo;)</P></TD></TR>
</TABLE>
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<TD STYLE="width: 0.5in"><B>*</B></TD><TD STYLE="text-align: justify"><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Partnership has filed a registration
statement (including a prospectus and a prospectus supplement) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents
the Partnership has filed with the SEC for more complete information about the Partnership and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by calling Morgan
Stanley &amp; Co. LLC toll-free at 1-866-718-1649, BofA Securities, Inc. toll-free at 1-800-294-1322, J.P.&nbsp;Morgan Securities
LLC collect at 1-212-834-4533, RBC Capital Markets, LLC toll-free at 1-866-375-6829, Wells Fargo Securities, LLC toll-free at
1-800-645-3751, MUFG Securities Americas Inc. toll-free at 1-877-649-6848 or TD Securities (USA) LLC at 1-855-495-9846.</B></P>

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