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BORROWINGS
 12 Months Ended
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)
Currency20232022
Corporate revolving credit facilityJune 29, 2028
SOFR plus 1.2%
US$$222 $96 
Commercial PaperFebruary 12, 20246.1%US$989 464 
Current:
Medium Term Notes(1):
Public - Canadian(3)
February 22, 20243.3%C$226 222 
Public - Canadian(3)
February 22, 20243.3%C$302 295 
Non-Current:
Medium Term Notes(1):
Public - CanadianNovember 14, 20275.6%C$340 332 
Public - CanadianSeptember 11, 20284.2%C$528 517 
Public - CanadianOctober 9, 20293.4%C$528 517 
Public - CanadianJuly 27, 20305.7%C$377 — 
Public - CanadianSeptember 1, 20322.9%C$377 369 
Public - CanadianFebruary 14, 20336.0%C$189 185 
Public - CanadianApril 25, 20345.4%C$302 295 
Public - CanadianApril 25, 20525.8%C$151 147 
Public - CanadianJuly 27, 20536.0%C$151 — 
Subordinated notes(1)
Public - United StatesMay 24, 20815.0%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 $126 million, respectively, and the impact of foreign exchange.
(b)Non-Recourse Borrowings
The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS20232022
Current$4,442 $2,567 
Non-current36,462 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 $4.5 billion, and the impact of foreign exchange.
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
2024(1)
$1,112 $1,335 $1,817 $404 $4,668 
20251,057 709 243 792 2,801 
20261,151 4,731 1,331 645 7,858 
20271,090 2,046 1,529 369 5,034 
20281,792 840 711 2,064 5,407 
Thereafter5,662 2,844 5,491 2,175 16,172 
Total principal repayments11,864 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)
TransportMidstreamDataTotal
Dec. 31, 20238 %5 %5 %7 %6 %
Dec. 31, 20228 %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 notedDec. 31, 2023Local CurrencyDec. 31, 2022Local Currency
Canadian dollars$10,713 CAD$14,195 $9,115 CAD$12,348 
U.S. dollars16,365 USD16,365 8,198 USD8,198 
Indian rupees4,051 INR337,583 3,249 INR268,512 
British pounds4,561 GBP3,583 3,151 GBP2,608 
Brazilian real(1)
2,501 BRL12,106 1,543 BRL8,049 
Australian dollars611 AUD897 525 AUD771 
Colombian pesos541 COP2,088,803 405 COP1,966,019 
Peruvian soles432 PEN1,601 410 PEN1,561 
New Zealand dollars42 NZD66 80 NZD126 
Euro2,123 EUR1,923 60 EUR56 
(1)See Note 5, Disposition of Businesses, for additional information.
(c)Supplemental Information
Details of the “Changes in liabilities from financing activities”, including both changes arising from cash flows and non-cash changes are as follows:
US$ MILLIONS2022Cash Flows
Acquisitions/
Dispositions(1)
Foreign Exchange Movement and Other2023
Corporate borrowings$3,666 $1,164 $— $81 $4,911 
Non-recourse borrowings26,567 4,490 9,084 763 40,904 
(1)Refer to Note 6. Acquisition of Businesses, for further details.