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BORROWINGS
 12 Months Ended
Dec. 31, 2022
Financial Instruments [Abstract]  
BORROWINGS BORROWINGS
(a)Corporate Borrowings
Brookfield Infrastructure has a $2.1 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $2.1 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 29, 2027. 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 SOFR 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, 2022, there were $96 million (2021: $nil) draws outstanding on the credit facility and $12 million of letters of credit were issued (2021: $12 million).
Maturity(2)
Annual Rate(2)
Currency20222021
Corporate revolving credit facilityJune 29, 2027
SOFR plus 1.2%
US$$96 $— 
Commercial PaperJanuary 24, 20235.0%US$464 431 
Non-Current:
Medium Term Notes(1):
Public - CanadianFebruary 22, 20243.3%C$222 237 
Public - CanadianFebruary 22, 20243.3%C$295 317 
Public - CanadianNovember 14, 20275.6%C$332 — 
Public - CanadianSeptember 11, 20284.2%C$517 554 
Public - CanadianOctober 9, 20293.4%C$517 554 
Public - CanadianSeptember 1, 20322.9%C$369 396 
Public - CanadianFebruary 14, 20336.0%C$185 — 
Public - CanadianApril 25, 20345.4%C$295 — 
Public - CanadianApril 25, 20525.8%C$147 — 
Subordinated notes(1)
Public - United StatesMay 24, 20815.0%US$250 250 
3,689 2,739 
Deferred financing costs and other(23)(20)
Total$3,666 $2,719 
(1)See Note 21, 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, 2022.
Brookfield Infrastructure has entered into a $1 billion revolving credit facility with Brookfield to provide additional liquidity for general corporate purposes and capital expenditures, if required. The revolving credit facility automatically renews for eight consecutive one-year terms, which would result in the facility ultimately maturing in February 2027. Brookfield has the option to terminate the agreement prior to April 14 each year by providing Brookfield Infrastructure with a written notice. 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, 2022, there were no (2021: $nil) borrowings outstanding.
On November 14, 2022, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$450 million maturing on November 14, 2027 with a coupon of 5.616% per annum and C$250 million maturing on February 14, 2033 with a coupon of 5.980% per annum, and $2 million of debt issuance costs were incurred.
On April 25, 2022, Brookfield Infrastructure Finance ULC issued C$600 million of medium-term notes in two tranches: C$400 million maturing on April 25, 2034 with a coupon of 5.439% per annum and C$200 million maturing on April 25, 2052 with a coupon of 5.789% per annum, and $3 million of debt issuance costs were incurred.
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, 2022, there were $464 million of borrowings outstanding (2021: $431 million).
The increase in corporate borrowings of $947 million during the year ended December 31, 2022 is primarily attributable to the issuance of approximately $960 million of medium-term notes and net draws on our corporate credit facility of $96 million. These increases were partially offset by the impact of foreign exchange.
(b)Non-Recourse Borrowings
The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS20222021
Current$2,567 $2,701 
Non-current24,000 23,833 
Total$26,567 $26,534 
Non-recourse borrowings increased by $33 million from December 31, 2021 due to $2.5 billion of incremental borrowings, partially offset by the derecognition of $0.6 billion of borrowings associated with the sale of five Brazilian electricity transmission concessions, $0.4 billion of borrowings classified as classified as held for sale, and the impact of foreign exchange.
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
2023(1)
$632 $221 $1,507 $245 $2,605 
20241,361 484 685 197 2,727 
2025946 232 1,175 800 3,153 
2026871 2,637 861 507 4,876 
2027893 654 1,101 293 2,941 
Thereafter4,039 756 3,587 2,052 10,434 
Total principal repayments(2)
8,742 4,984 8,916 4,094 26,736 
Deferred financing costs and other(40)(60)105 (174)(169)
Total - Dec. 31, 2022$8,702 $4,924 $9,021 $3,920 $26,567 
Total - Dec. 31, 2021$7,951 $5,309 $9,490 $3,784 $26,534 
(1)Includes commercial paper obligations of $1.2 billion at our Canadian diversified midstream operation.
(2)As of December 31, 2022, approximately $31 million of debt was in breach of asset-level financial covenants. We anticipate being able to refinance or obtain waivers from our financial institutions and accordingly presented the debt in the contractually obligated year of maturity.
The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS
Utilities(1)
TransportMidstreamDataTotal
Dec. 31, 20228 %5 %3 %7 %5 %
Dec. 31, 20214 %5 %6 %7 %6 %
(1)Excluding the impact of the variable interest in our Brazilian assets, the weighted average interest rate of non-recourse borrowings would be 4% as at December 31, 2022.
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as notedDec. 31, 2022Local CurrencyDec. 31, 2021Local Currency
Canadian dollars$9,115 CAD$12,348 $9,257 CAD$11,698 
U.S. dollars8,198 USD8,198 7,376 USD7,376 
Indian rupees3,249 INR268,512 3,650 INR272,388 
British pounds3,151 GBP2,608 3,067 GBP2,266 
Brazilian real(1)
1,543 BRL8,049 1,840 BRL10,268 
Australian dollars525 AUD771 468 AUD644 
Colombian pesos405 COP1,966,019 394 COP1,621,399 
Peruvian soles410 PEN1,561 380 PEN1,521 
New Zealand dollars80 NZD126 41 NZD60 
Euro60 EUR56 36 EUR32 
(1)See Note 5, Disposition of Businesses, for additional information.
(c)Supplemental Information
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS2021
Cash Flows(1)
Acquisitions/
Dispositions(1)
Held for Sale(2)
Foreign Exchange Movement and Other2022
Corporate borrowings$2,719 $1,124 $— $— $(177)$3,666 
Non-recourse borrowings26,534 2,493 (597)(394)(1,469)26,567 
(1)Cash flows related to net corporate level debt raised and acquisition of individually insignificant operations have been presented within Acquisitions/Dispositions. Refer to Note 7, Acquisition of Businesses, and Note 5, Disposition of Businesses, for further details.
(2)Refer to Note 6. Assets and Liabilities Classified as Held for Sale, for further details.