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BORROWINGS | 12 Months Ended
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Dec. 31, 2021
Financial Instruments [Abstract] |
BORROWINGS | 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 28, 2026. 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 13 basis points per annum. As at December 31, 2021, there were no (2020: $1,131 million) draws outstanding on the credit facility and $12 million of letters of credit were issued (2020: $63 million).
|  | Maturity(2) |  | Annual Rate(2) |  | Currency |  | 2021 |  | 2020
Corporate revolving credit facility |  | June 29, 2026 |  | LIBOR plus 1.2% |  | US$ |  | $ | — |  |  | $ | 1,131 |
Corporate revolving credit facility |  | April 14, 2022 |  | LIBOR plus 1.2% |  | US$ |  | — |  |  | — |
Commercial Paper |  | January 25, 2022 |  | 0.37% |  | US$ |  | 431 |  |  | — |
Non-Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | February 22, 2024 |  | 3.3% |  | C$ |  | 237 |  |  | 236 |
Public - Canadian |  | February 22, 2024 |  | 3.3% |  | C$ |  | 317 |  |  | 314 |
Public - Canadian |  | September 11, 2028 |  | 4.2% |  | C$ |  | 554 |  |  | 550 |
Public - Canadian |  | October 9, 2029 |  | 3.4% |  | C$ |  | 554 |  |  | 550 |
Public - Canadian |  | September 1, 2032 |  | 2.9% |  | C$ |  | 396 |  |  | 392 |
Subordinated notes(1) |  |  |  |  |  |  |  |  |  |
Public - United States |  | May 24, 2081 |  | 5.0% |  | US$ |  | 250 |  |  | — |
|  |  |  |  |  |  |  | 2,739 |  |  | 3,173 |
Deferred financing costs and other |  |  |  |  |  |  |  | (20) |  |  | (15) |
Total |  |  |  |  |  |  |  | $ | 2,719 |  |  | $ | 3,158 |
(1)See Note 20, Subsidiary Public Issuers, for further details. (2)Maturity and annual rate associated with our commercial paper program represents a weighted average of all outstanding obligations as of December 31, 2021. On May 24, 2021, Brookfield Infrastructure Finance ULC issued $250 million of subordinated notes maturing May 24, 2081, with a coupon of 5.0% and $6 million of debt issuance costs were incurred. On February 24, 2021, Brookfield Infrastructure established a U.S. commercial paper program under which a subsidiary of our partnership may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $500 million. Proceeds from the commercial paper issuances are supplemented by our corporate credit facilities. As of December 31, 2021, there were $431 million of borrowings outstanding (2020: $nil). On September 1, 2020, Brookfield Infrastructure Finance ULC issued C$500 million of medium-term notes maturing September 1, 2032 with a coupon of 2.9% per annum. On October 6, 2020, the proceeds were used to early redeem C$450 million of medium-term notes maturing March 11, 2022. On April 14, 2020, the partnership secured an incremental $1.0 billion syndicated revolving credit facility. The facility was secured to fund new investment opportunities that may arise while other sources of capital, including asset sales, are delayed. The facility matures on April 14, 2022 and all amounts not previously repaid will be due on such date. All obligations under the facility are guaranteed by our partnership and its subsidiary, BIPC Holdings Inc. Loans under this facility accrue interest at LIBOR plus 2.1% with an annual unused commitment fee of 42 basis points during the period prior to April 14, 2021, and LIBOR plus 2.2% thereafter with an annual unused commitment fee of 44 basis points. As of December 31, 2021, the balance remains undrawn (2020: $nil). On April 7, 2020, Brookfield Infrastructure Finance ULC, a wholly owned subsidiary of Brookfield Infrastructure, issued C$400 million of medium-term notes. C$200 million of the medium-term notes mature September 11, 2028 and have a coupon rate of 4.2% per annum. These notes were issued at a premium with an effective interest rate of 4.1% per annum. The remaining C$200 million medium term notes mature on October 9, 2029 and have a coupon rate of 3.4% per annum. These notes were issued at a discount with an effective interest rate of 4.1%. 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 in it 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 1.8% and no commitment fees were incurred for any undrawn balance. As of December 31, 2021, there were no (2020: $nil) borrowings outstanding. The decrease in corporate borrowings of $434 million during the year ended December 31, 2021 is primarily attributable to the repayment of $1,131 million of our revolving credit facility, partially offset by $431 million of net proceeds raised from our commercial paper program and the issuance of $250 million subordinated notes. (b)Non-Recourse Borrowings The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS |  | 2021 |  | 2020
Current |  | $ | 2,701 |  |  | $ | 1,551 |
Non-current |  | 23,833 |  |  | 18,469 |
Total |  | $ | 26,534 |  |  | $ | 20,020 |
Non-recourse borrowings have increased by $6.5 billion since year-end. The impact from $8.7 billion of additional net borrowings, inclusive of $6.7 billion acquired as part of recent acquisitions, primarily our Canadian diversified midstream operation, was partially offset by recently completed dispositions. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
2022(1) |  | $ | 341 |  |  | $ | 386 |  |  | $ | 1,819 |  |  | $ | 53 |  |  | $ | 2,599 |
2023 |  | 1,619 |  |  | 247 |  |  | 715 |  |  | 216 |  |  | 2,797 |
2024 |  | 1,191 |  |  | 296 |  |  | 1,536 |  |  | 195 |  |  | 3,218 |
2025 |  | 440 |  |  | 258 |  |  | 1,264 |  |  | 707 |  |  | 2,669 |
2026 |  | 694 |  |  | 3,217 |  |  | 1,028 |  |  | 509 |  |  | 5,448 |
Thereafter |  | 3,697 |  |  | 944 |  |  | 2,972 |  |  | 2,165 |  |  | 9,778 |
Total principal repayments(2) |  | 7,982 |  |  | 5,348 |  |  | 9,334 |  |  | 3,845 |  |  | 26,509 |
Deferred financing costs and other |  | (31) |  |  | (39) |  |  | 156 |  |  | (61) |  |  | 25 |
Total - Dec. 31, 2021 |  | $ | 7,951 |  |  | $ | 5,309 |  |  | $ | 9,490 |  |  | $ | 3,784 |  |  | $ | 26,534 |
Total - Dec. 31, 2020 |  | $ | 8,067 |  |  | $ | 6,635 |  |  | $ | 2,111 |  |  | $ | 3,207 |  |  | $ | 20,020 |
(1)Includes commercial paper obligations at our Canadian diversified midstream operation. (2)As of December 31, 2021, approximately $145 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity. The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
Dec. 31, 2021 |  | 4 | % |  | 5 | % |  | 6 | % |  | 7 | % |  | 6 | %
Dec. 31, 2020 |  | 4 | % |  | 5 | % |  | 6 | % |  | 6 | % |  | 5 | %
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2021 |  | Local Currency |  | Dec. 31, 2020 |  | Local Currency
Canadian dollars |  | $ | 9,257 |  |  | CAD |  | 11,698 |  |  | $ | 2,400 |  |  | CAD |  | $ | 3,056 |
U.S. dollars |  | 7,376 |  |  | USD |  | 7,376 |  |  | 7,457 |  |  | USD |  | 7,457 |
Indian rupees |  | 3,650 |  |  | INR |  | 272,388 |  |  | 3,760 |  |  | INR |  | 274,457 |
British pounds |  | 3,067 |  |  | GBP |  | 2,266 |  |  | 2,941 |  |  | GBP |  | 2,151 |
Brazilian real |  | 1,840 |  |  | BRL |  | 10,268 |  |  | 1,161 |  |  | BRL |  | 6,035 |
Australian dollars |  | 468 |  |  | AUD |  | 644 |  |  | 320 |  |  | AUD |  | 416 |
Colombian pesos |  | 394 |  |  | COP |  | 1,621,399 |  |  | 418 |  |  | COP |  | 1,430,115 |
Peruvian soles |  | 380 |  |  | PEN |  | 1,521 |  |  | 417 |  |  | PEN |  | 1,511 |
New Zealand dollars |  | 41 |  |  | NZD |  | 60 |  |  | 43 |  |  | NZD |  | 60 |
Euro |  | 36 |  |  | EUR |  | 32 |  |  | 59 |  |  | EUR |  | 48 |
Chilean Unidad de Fomento(1),(2) |  | — |  |  | UF |  | — |  |  | 1,201 |  |  | UF |  | 29 |
(1)Chilean Unidad de Fomento is an inflation adjusted unit of account indexed to the Chilean Peso. (2)See Note 5, Disposition of Businesses, for additional information. (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 |  | 2020 |  | Cash Flows(1) |  | Acquisitions/ Dispositions(1) |  | Foreign Exchange Movement and Other |  | 2021
Corporate borrowings |  | $ | 3,158 |  |  | $ | (456) |  |  | $ | — |  |  | $ | 17 |  |  | $ | 2,719 |
Non-recourse borrowings |  | 20,020 |  |  | 851 |  |  | 5,819 |  |  | (156) |  |  | 26,534 |
(1)Cash flows related to asset level debt raised on the closing of our Canadian diversified midstream operation and the acquisition of an additional interest in our Brazilian regulated gas transmission operation have been presented within Acquisitions/Dispositions. Refer to Note 6, Acquisition of Businesses, and Note 5, Disposition of Businesses, for further details.

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