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BORROWINGS | 12 Months Ended
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Dec. 31, 2023
Financial Instruments [Abstract] |
BORROWINGS | BORROWINGS (a)Corporate Borrowings Brookfield Infrastructure has a $2.2 billion senior unsecured revolving credit facility used for general working capital including acquisitions. The $2.2 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, 2028. 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, 2023, there were $222 million (2022: $96 million) draws outstanding on the credit facility and $8 million of letters of credit were issued (2022: $12 million).
|  | Maturity(2) |  | Annual Rate(2) |  | Currency |  | 2023 |  | 2022
Corporate revolving credit facility |  | June 29, 2028 |  | SOFR plus 1.2% |  | US$ |  | $ | 222 |  |  | $ | 96 |
Commercial Paper |  | February 12, 2024 |  | 6.1% |  | US$ |  | 989 |  |  | 464 |
Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | 226 |  |  | 222 |
Public - Canadian(3) |  | February 22, 2024 |  | 3.3% |  | C$ |  | 302 |  |  | 295 |
Non-Current: |  |  |  |  |  |  |  |  |  |
Medium Term Notes(1): |  |  |  |  |  |  |  |  |  |
Public - Canadian |  | November 14, 2027 |  | 5.6% |  | C$ |  | 340 |  |  | 332 |
Public - Canadian |  | September 11, 2028 |  | 4.2% |  | C$ |  | 528 |  |  | 517 |
Public - Canadian |  | October 9, 2029 |  | 3.4% |  | C$ |  | 528 |  |  | 517 |
Public - Canadian |  | July 27, 2030 |  | 5.7% |  | C$ |  | 377 |  |  | — |
Public - Canadian |  | September 1, 2032 |  | 2.9% |  | C$ |  | 377 |  |  | 369 |
Public - Canadian |  | February 14, 2033 |  | 6.0% |  | C$ |  | 189 |  |  | 185 |
Public - Canadian |  | April 25, 2034 |  | 5.4% |  | C$ |  | 302 |  |  | 295 |
Public - Canadian |  | April 25, 2052 |  | 5.8% |  | C$ |  | 151 |  |  | 147 |
Public - Canadian |  | July 27, 2053 |  | 6.0% |  | C$ |  | 151 |  |  | — |
Subordinated notes(1) |  |  |  |  |  |  |  |  |  |
Public - United States |  | May 24, 2081 |  | 5.0% |  | US$ |  | 250 |  |  | 250 |
|  |  |  |  |  |  |  | 4,932 |  |  | 3,689 |
Deferred financing costs and other |  |  |  |  |  |  |  | (21) |  |  | (23) |
Total |  |  |  |  |  |  |  | $ | 4,911 |  |  | $ | 3,666 |
(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, 2023. (3)On February 21, 2024, Brookfield Infrastructure Finance ULC redeemed all medium-term notes maturing February 22, 2024. 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 February 8 each year by providing Brookfield Infrastructure with a written notice. Loans under this facility accrued interest on SOFR plus 1.9% and no commitment fees were incurred for any undrawn balance. As of December 31, 2023, there were no (2022: $nil) borrowings outstanding. On July 27, 2023, Brookfield Infrastructure Finance ULC issued C$700 million of medium-term notes in two tranches: C$500 million maturing on July 27, 2030 with a coupon of 5.710% per annum and C$200 million maturing on July 27, 2053 with a coupon of 5.950% per annum. 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. 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 $1 billion. Proceeds from the commercial paper issuances are supplemented by our corporate credit facilities. As of December 31, 2023, there were $989 million of borrowings outstanding (2022: $464 million). The increase in corporate borrowings of $1,245 million during the year ended December 31, 2023 is primarily attributable to the issuance of approximately $528 million of medium-term notes, net draws on our commercial paper program and corporate credit facility of $525 million and $126 million, respectively, and the impact of foreign exchange. (b)Non-Recourse Borrowings The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS |  | 2023 |  | 2022
Current |  | $ | 4,442 |  |  | $ | 2,567 |
Non-current |  | 36,462 |  |  | 24,000 |
Total |  | $ | 40,904 |  |  | $ | 26,567 |
Non-recourse borrowings increased by $14,337 million from December 31, 2022 due to $9.1 billion of borrowings related to recent acquisitions, net borrowings of $4.5 billion, and the impact of foreign exchange. Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONS |  | Utilities |  | Transport |  | Midstream |  | Data |  | Total
2024(1) |  | $ | 1,112 |  |  | $ | 1,335 |  |  | $ | 1,817 |  |  | $ | 404 |  |  | $ | 4,668 |
2025 |  | 1,057 |  |  | 709 |  |  | 243 |  |  | 792 |  |  | 2,801 |
2026 |  | 1,151 |  |  | 4,731 |  |  | 1,331 |  |  | 645 |  |  | 7,858 |
2027 |  | 1,090 |  |  | 2,046 |  |  | 1,529 |  |  | 369 |  |  | 5,034 |
2028 |  | 1,792 |  |  | 840 |  |  | 711 |  |  | 2,064 |  |  | 5,407 |
Thereafter |  | 5,662 |  |  | 2,844 |  |  | 5,491 |  |  | 2,175 |  |  | 16,172 |
Total principal repayments |  | 11,864 |  |  | 12,505 |  |  | 11,122 |  |  | 6,449 |  |  | 41,940 |
Deferred financing costs and other |  | (92) |  |  | (795) |  |  | 32 |  |  | (181) |  |  | (1,036) |
Total - Dec. 31, 2023 |  | $ | 11,772 |  |  | $ | 11,710 |  |  | $ | 11,154 |  |  | $ | 6,268 |  |  | $ | 40,904 |
Total - Dec. 31, 2022 |  | $ | 8,702 |  |  | $ | 4,924 |  |  | $ | 9,021 |  |  | $ | 3,920 |  |  | $ | 26,567 |
(1)Includes commercial paper obligations of $1.2 billion at our Canadian diversified midstream operation. The weighted average interest rates of non-recourse borrowings are as follows:
US$ MILLIONS |  | Utilities(1) |  | Transport |  | Midstream |  | Data |  | Total
Dec. 31, 2023 |  | 8 | % |  | 5 | % |  | 5 | % |  | 7 | % |  | 6 | %
Dec. 31, 2022 |  | 8 | % |  | 5 | % |  | 3 | % |  | 7 | % |  | 5 | %
(1)Excluding the impact of the variable interest in our Brazilian assets, the weighted average interest rate of non-recourse borrowings would be 6% as at December 31, 2023. Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as noted |  | Dec. 31, 2023 |  | Local Currency |  | Dec. 31, 2022 |  | Local Currency
Canadian dollars |  | $ | 10,713 |  |  | CAD |  | $ | 14,195 |  |  | $ | 9,115 |  |  | CAD |  | $ | 12,348 |
U.S. dollars |  | 16,365 |  |  | USD |  | 16,365 |  |  | 8,198 |  |  | USD |  | 8,198 |
Indian rupees |  | 4,051 |  |  | INR |  | 337,583 |  |  | 3,249 |  |  | INR |  | 268,512 |
British pounds |  | 4,561 |  |  | GBP |  | 3,583 |  |  | 3,151 |  |  | GBP |  | 2,608 |
Brazilian real(1) |  | 2,501 |  |  | BRL |  | 12,106 |  |  | 1,543 |  |  | BRL |  | 8,049 |
Australian dollars |  | 611 |  |  | AUD |  | 897 |  |  | 525 |  |  | AUD |  | 771 |
Colombian pesos |  | 541 |  |  | COP |  | 2,088,803 |  |  | 405 |  |  | COP |  | 1,966,019 |
Peruvian soles |  | 432 |  |  | PEN |  | 1,601 |  |  | 410 |  |  | PEN |  | 1,561 |
New Zealand dollars |  | 42 |  |  | NZD |  | 66 |  |  | 80 |  |  | NZD |  | 126 |
Euro |  | 2,123 |  |  | EUR |  | 1,923 |  |  | 60 |  |  | EUR |  | 56 |
(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$ MILLIONS |  | 2022 |  | Cash Flows |  | Acquisitions/ Dispositions(1) |  |  |  | Foreign Exchange Movement and Other |  | 2023
Corporate borrowings |  | $ | 3,666 |  |  | $ | 1,164 |  |  | $ | — |  |  |  |  | $ | 81 |  |  | $ | 4,911 |
Non-recourse borrowings |  | 26,567 |  |  | 4,490 |  |  | 9,084 |  |  |  |  | 763 |  |  | 40,904 |
(1)Refer to Note 6. Acquisition of Businesses, for further details.

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