XML 47 R28.htm IDEA: XBRL DOCUMENT v3.22.4
SUBSIDIARY PUBLIC ISSUERS
 12 Months Ended
Dec. 31, 2022
Subsidiary Public Issuer [Abstract]  
SUBSIDIARY PUBLIC ISSUERS SUBSIDIARY PUBLIC ISSUERS 
An indenture dated as of October 10, 2012 between certain wholly-owned subsidiaries of our partnership, Brookfield Infrastructure Finance ULC, Brookfield Infrastructure Finance LLC, Brookfield Infrastructure Finance Pty Ltd and Brookfield Infrastructure Finance Limited (collectively, the “Co-Issuers”), and Computershare Trust Company of Canada, as supplemented and amended from time to time (“Indenture”) provides for the issuance of one or more series of unsecured notes of the Co-Issuers.
An indenture dated as of May 24, 2021, between Brookfield Infrastructure Finance ULC, our partnership and its subsidiaries, Brookfield Infrastructure L.P. (the “Holding LP”), Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation, BIP Bermuda Holdings I Limited (collectively, the “BIP Guarantors”), BIPC Holdings Inc. (“BIPC Holdings”), Computershare Trust Company of Canada and Computershare Trust Company, N.A., as supplemented and amended from time to time (the “U.S. Indenture”) provides for the issuance of one or more series of unsecured notes of Brookfield Infrastructure Finance ULC.
On November 14, 2022, the Co-Issuers issued C$700 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$450 million maturing November 14, 2027 with a coupon of 5.616% and C$250 million maturing February 14, 2033 with a coupon of 5.980%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings.
On April 25, 2022, the Co-Issuers issued C$600 million of medium-term notes under the Indenture in two tranches in the Canadian bond market: C$400 million maturing April 25, 2034 with a coupon of 5.439%, and C$200 million maturing April 25, 2052 with a coupon of 5.789%. These medium-term notes are fully and unconditionally guaranteed by the BIP Guarantors and BIPC Holdings.
On May 24, 2021, Brookfield Infrastructure Finance ULC issued $250 million of subordinated unsecured notes under the U.S. Indenture maturing May 24, 2081 in the U.S. with a coupon of 5.0% (the “subordinated notes”). The subordinated notes are guaranteed, on a subordinated basis, as to payment of principal, premium (if any) and interest and certain other amounts by the BIP Guarantors and BIPC Holdings. The subordinated notes, including any accrued and unpaid interest thereon, will be exchanged automatically, without the consent or action of the holders thereof, into units of a newly-issued series of Class A preferred limited partnership units of the partnership, being class A preferred limited partnership units, Series 15, upon the occurrence of certain bankruptcy-related events.
The partnership will and certain of the other BIP Guarantors may also fully and unconditionally guarantee the payment obligations of Brookfield Infrastructure Preferred Equity Inc. (“Pref Finco” and collectively with the Co-Issuers, the “Fincos”) in respect of any Class A preference shares issued to the public by the Pref Finco, if and when issued.
A base shelf prospectus of BIP Investment Corporation (“BIPIC”) provides for the issuance of one or more series of senior preferred shares of BIPIC. The partnership will and certain of the other BIP Guarantors and BIPC Holdings may fully and unconditionally guarantee the payment obligations of BIPIC in respect of any senior preferred shares issued by BIPIC under the prospectus.
Each of the Fincos and BIPIC are subsidiaries of our partnership. In the tables below, information relating to the Fincos has been combined. The Fincos have not guaranteed the obligations of BIPIC, nor has BIPIC guaranteed the obligations of the Fincos.
BIPC Holdings has also fully and unconditionally guaranteed the payment obligations of the partnership in respect of certain of the partnership’s currently outstanding cumulative class A preferred limited partnership units and may guarantee the payment obligations of the partnership in respect of additional cumulative class A preferred limited partnership units issued to the public, if and when issued.
The following tables set forth consolidated summary financial information for our partnership, the Fincos, BIPIC and BIPC Holdings:
For the year ended December 31, 2022
US$ MILLIONS
Our partnership(2)
The FincosBIPICBIPC Holdings
Subsidiaries of our
partnership other
than the Fincos, BIPIC, and BIPC Holdings(3)
Consolidating
adjustments(4)
Our partnership
consolidated
Revenues$— $— $— $— $— $14,427 $14,427 
Net income (loss) attributable to partnership(1)
101 — — — 407 (101)407 
For the year ended December 31, 2021      
Revenues$— $— $— $— $— $11,537 $11,537 
Net income (loss) attributable to partnership(1)
556 — — 208 885 (556)1,093 
For the year ended December 31, 2020      
Revenues$— $— $— $— $— $8,885 $8,885 
Net income (loss) attributable to partnership(1)
141 — — 5 389 (141)394 
As at December 31, 2022      
Current assets$— $— $— $— $— $6,686 $6,686 
Non-current assets6,583 — 1,005 3,105 9,603 45,987 66,283 
Current liabilities— — 182 — — 8,195 8,377 
Non-current liabilities— 3,106 — 191 — 35,741 39,038 
Non-controlling interests
Redeemable Partnership Units held by Brookfield— — — — — 2,263 2,263 
BIPC exchangeable shares— — — — — 1,289 1,289 
Exchangeable units(5)
— — — — — 72 72 
Perpetual subordinated notes— — — — — 293 293 
In operating subsidiaries— — — — — 15,320 15,320 
Preferred unitholders— — — — — 918 918 
As at December 31, 2021      
Current assets$— $— $— $— $— $4,896 $4,896 
Non-current assets6,840 — 1,045 2,373 9,835 48,972 69,065 
Current liabilities— — 232 — — 8,429 8,661 
Non-current liabilities— 2,288 — — — 36,621 38,909 
Non-controlling interests
Redeemable Partnership Units held by Brookfield— — — — — 2,408 2,408 
BIPC exchangeable shares— — — — — 1,369 1,369 
Exchangeable units(5)
— — — — — 85 85 
In operating subsidiaries— — — — — 15,658 15,658 
Preferred unitholders— — — — — 1,138 1,138 
(1)Includes net income (loss) attributable to limited partners, the general partner, non-controlling interests - Redeemable Partnership Units held by Brookfield, non-controlling interests - Exchange LP Units, non-controlling interests - BIPC Exchangeable LP Units, and non-controlling interests - BIPC exchangeable shares.
(2)Includes investments in all subsidiaries of our partnership under the equity method.
(3)Includes investments in all other subsidiaries of the Holding LP, Brookfield Infrastructure Holdings (Canada) Inc., Brookfield Infrastructure US Holdings I Corporation and BIP Bermuda Holdings I Limited under the equity method.
(4)Includes elimination of intercompany transactions and balances necessary to present our partnership on a consolidated basis.