<SEC-DOCUMENT>0001104659-24-066239.txt : 20240530
<SEC-HEADER>0001104659-24-066239.hdr.sgml : 20240530
<ACCEPTANCE-DATETIME>20240529192242
ACCESSION NUMBER:		0001104659-24-066239
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240530
DATE AS OF CHANGE:		20240529

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Partners L.P.
		CENTRAL INDEX KEY:			0001406234
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-278529
		FILM NUMBER:		241000313

	BUSINESS ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12
		BUSINESS PHONE:		441 296-4480

	MAIL ADDRESS:	
		STREET 1:		73 FRONT STREET
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM12

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brookfield Infrastructure Finance ULC
		CENTRAL INDEX KEY:			0001861662
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION & DISTRIBUTION [4923]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				981231205
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		4600-525 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		416-363-9491

	MAIL ADDRESS:	
		STREET 1:		4600-525 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;<FONT STYLE="background-color: white"><B>Filed
Pursuant to Rule 433 under the Securities Act of 1933<BR>
Free Writing Prospectus dated May 29, 2024<BR>
Relating to Preliminary Prospectus Supplement dated May 29, 2024<BR>
Registration Nos. 333-278529, 333-278529-01, 333-278529-02,<BR>
333-278529-03, 333-278529-04, 333-278529-05 and 333-278529-06</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>BROOKFIELD INFRASTRUCTURE FINANCE ULC</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">US$150,000,000 7.250% Subordinated Notes due 2084
(the &ldquo;Notes&rdquo;)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">May 29, 2024</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The information in this pricing term sheet
relates to Brookfield Infrastructure Finance ULC&rsquo;s offering of the Notes and should be read together with the preliminary prospectus
supplement dated <B>May 29</B>, 2024 relating to the offering (the &ldquo;Preliminary Prospectus Supplement&rdquo;), including the documents
incorporated by reference therein, and the base prospectus dated <B>April 5</B>, 2024, included in the registration statement on Form
F-3ASR (File No. 333-278529<B>)</B> filed under the Securities Act of 1933, as amended. Terms used herein but not defined herein shall
have the meanings as set forth in the Preliminary Prospectus Supplement. All references to dollar amounts are references to U.S. dollars.</I></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Issuer:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 68%; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">Brookfield Infrastructure Finance ULC (the &ldquo;<B>Issuer</B>&rdquo;) </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Guarantors:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brookfield Infrastructure Partners L.P. (the &ldquo;<B>Partnership</B>&rdquo;)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brookfield Infrastructure L.P.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BIP Bermuda Holdings I Limited</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brookfield Infrastructure Holdings (Canada) Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brookfield Infrastructure LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BIPC Holdings Inc.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Security:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">US$150,000,000 7.250% Subordinated Notes due 2084</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Ranking:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">Subordinated unsecured</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Principal Amount of Notes:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">US$150,000,000 (or US$172,500,000 if the underwriters exercise the Over-Allotment Option in full).</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Denominations:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">Minimum denominations of US$25 and integral multiples of US$25 in excess thereof.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Maturity:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">May 31, 2084.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Coupon: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">7.250%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Regular Record Dates for Interest: &#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">March 16, June 15, September 15 and December 16, whether or not such day is a business day</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates</B>: <B>&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">March&nbsp;31, June&nbsp;30, September&nbsp;30 and December&nbsp;31, commencing on &nbsp;September 30, 2024 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Day Count Convention:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">30/360</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Interest Deferral Right:&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">So long as no event of default has occurred and is continuing, the Issuer may elect, at its sole option, at any date other than an Interest Payment Date, to defer the interest payable on the Notes on one or more occasions for up to five consecutive years. There is no limit on the number of Deferral Periods that may occur. Any such deferral will not constitute an event of default or any other breach under the Indenture and the Notes. Deferred interest will accrue until paid. A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest on such date. No Deferral Period may extend beyond the Maturity Date. </FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 32%"><FONT STYLE="font-size: 10pt"><B>First Call Date: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify; width: 68%"><FONT STYLE="font-size: 10pt">May 31, 2029</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Optional Redemption: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">On or after May 31, 2029, the Issuer may, at its option, on giving not more than 60&nbsp;nor less than 10&nbsp;days&rsquo; notice to the holders of the Notes, redeem the Notes, in whole at any time or in part from time to time. The redemption price will be 100% of the principal amount of the Notes being redeemed, together with accrued and unpaid interest to, but excluding, the date fixed for redemption. Notes that are redeemed shall be cancelled and shall not be reissued.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Redemption on Rating Event: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">At any time following the occurrence of a Rating Event, the Issuer may, at its option, redeem the Notes (in whole but not in part) at a redemption price equal to 102% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the date fixed for redemption.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Redemption on Tax Event: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">At any time after the occurrence of a Tax Event, subject to applicable laws, the Issuer may, at its option, redeem the Notes (in whole but not in part) at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest to, but excluding, the relevant redemption date.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Trade Date: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">May 29, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date**: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">May 31, 2024 (T+2)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Price to Public: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">100% (plus accrued interest, if any, from and including May 31, 2024 if settlement of the Notes occurs after that date)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Underwriting Discounts: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$0.7875 per Note for retail investors (US$4,142,250
    in the aggregate)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US$0.5000 per Note for institutional investors
    (US$370,000 in the aggregate)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Net Proceeds (before expenses): &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">US$145,487,750.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Listing: &#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">The Issuer intends to apply to list the Notes on the New York Stock Exchange under the symbol &ldquo;BIPJ&rdquo;.</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 32%"><FONT STYLE="font-size: 10pt"><B>Automatic Exchange:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; width: 68%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Notes, including accrued and unpaid interest
    thereon, will be exchanged automatically (the &ldquo;<B>Automatic Exchange</B>&rdquo;), without the consent of the holders thereof, into
    units of a newly issued series of Class A Preferred Units, being Class A Preferred Limited Partnership Units, Series 16 (the &ldquo;<B>Exchange
    Preferred Units</B>&rdquo;) upon the occurrence of: (i) the making by the Issuer of a general assignment for the benefit of its creditors
    or a proposal (or the filing of a notice of its intention to do so) under the <I>Bankruptcy and Insolvency Act</I> (Canada); (ii) any
    proceeding instituted by the Issuer and/or the Partnership seeking to adjudicate them as bankrupt (including any voluntary assignment
    in bankruptcy) or insolvent or, where the Issuer and/or the Partnership are insolvent, seeking liquidation, winding up, dissolution, reorganization,
    arrangement, compromise, adjustment, protection, relief or composition of their debts under any law relating to bankruptcy or insolvency
    in Canada or Bermuda (as applicable), or seeking the entry of an order for the appointment of a receiver, interim receiver, trustee or
    other similar official for the Issuer and/or the Partnership or in respect of all or any substantial part of their property and assets
    in circumstances where the Issuer and/or the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or
    insolvent; (iii) a receiver, interim receiver, trustee or other similar official is appointed over the Issuer and/or the Partnership or
    for all or substantially all of their property and assets by a court of competent jurisdiction in circumstances where the Issuer and/or
    the Partnership are adjudged as bankrupt (including any voluntary assignment in bankruptcy) or insolvent under any law relating to bankruptcy
    or insolvency in Canada or Bermuda (as applicable); or (iv) any proceeding is instituted against the Issuer and/or the Partnership seeking
    to adjudicate them as bankrupt (including any voluntary assignment in bankruptcy) or insolvent, or where the Issuer and/or the Partnership
    are insolvent, seeking liquidation, winding up, dissolution, reorganization, arrangement, compromise, adjustment, protection, relief or
    composition of their debts under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), or seeking the entry
    of an order for the appointment of a receiver, interim receiver, trustee or other similar official for the Issuer and/or the Partnership
    or in respect of all or any substantial part of their property and assets in circumstances where the Issuer and/or the Partnership are
    adjudged as bankrupt or insolvent under any law relating to bankruptcy or insolvency in Canada or Bermuda (as applicable), and in any
    such case, such proceeding has not been stayed or dismissed within 60 days of the institution of any such proceeding or the actions sought
    in such proceedings occur (including the entry of an order for relief against the Issuer and/or the Partnership or the appointment of
    a receiver, interim receiver, trustee, or other similar official for them or for all or substantially all of their property and assets)
    (each, an &ldquo;<B>Automatic Exchange Event</B>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Automatic Exchange shall occur upon an Automatic
    Exchange Event (the &ldquo;<B>Exchange Time</B>&rdquo;). As of the Exchange Time, noteholders will have the right to receive one Exchange
    Preferred Unit for each US$25 principal amount of Notes held together with the number of Exchange Preferred Units (including fractional
    units, if applicable) calculated by dividing the amount of accrued and unpaid interest, if any, on the Notes, by US$25. Such right will
    be automatically exercised, and the Notes shall be automatically exchanged, without the consent of the holders of the Notes, into the
    newly issued series of fully paid Exchange Preferred Units. At such time, all outstanding Notes shall be deemed to be immediately and
    automatically surrendered without need for further action by noteholders, who shall thereupon automatically cease to be holders of Notes
    and all rights of each such holder as a debtholder of the Issuer and as a beneficiary of the subordinated guarantees of the Guarantors
    shall automatically cease.</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Distribution Stopper Undertaking:&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">Unless the Issuer has paid all interest that has been deferred or is then payable on the Notes, subject to certain exceptions, neither the Issuer nor the Partnership will (i)&nbsp;declare any distributions or dividends on the Distribution Restricted Securities or pay any interest on any Parity Indebtedness, (ii) redeem, purchase or otherwise retire Distribution Restricted Securities or Parity Indebtedness, or (iii)&nbsp;make any payment to holders of any of the Distribution Restricted Securities or any Parity Indebtedness in respect of distributions or dividends not declared or paid on such Distribution Restricted Securities or interest not paid on such Parity Indebtedness, respectively, <I>provided</I> that the foregoing clauses (i)&nbsp;and (iii) shall not apply in respect of any pro rata dividend or distribution or any other payment on any Parity Indebtedness which is made with a pro rata payment of any accrued and payable interest with respect to the Notes. </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>CUSIP/ISIN:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify"><FONT STYLE="font-size: 10pt">11276B 208 / US11276B2088 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Expected Ratings*:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BBB- (S&amp;P)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BBB- (Fitch)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
</TABLE>


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  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 32%"><FONT STYLE="font-size: 10pt"><B>Joint Book-Running Managers:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify; width: 68%"><FONT STYLE="font-size: 10pt">Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley &amp; Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Co-Managers:&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canaccord Genuity LLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Santander US Capital Markets LLC</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: 0.5in"></P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><B>*</B></TD><TD STYLE="text-align: justify"><B>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject
to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency.</B></TD></TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 31.5pt"><B>**</B></TD><TD STYLE="text-align: justify"><B>It is expected that the delivery of the securities will be made on or about the closing date specified
on the cover page of the prospectus supplement, which will be the second business day following the date of the pricing of the securities
(this settlement cycle being referred to as &ldquo;T+2&rdquo;). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market
generally are required to settle in one business day, unless the parties to such trade expressly agree otherwise. Accordingly, purchasers
who wish to trade the securities prior to the delivery date will be required, by virtue of the fact that the securities initially will
settle in T+2, to specify alternate settlement arrangements at the time of any such trade to prevent a failed settlement and should consult
their own advisor.</B></TD></TR></TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The information in this communication supersedes
the information in the Preliminary Prospectus Supplement and the accompanying base prospectus to the extent inconsistent with the information
in the Preliminary Prospectus Supplement and the accompanying base prospectus.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Notes
will not be offered or sold, directly or indirectly, in Canada or to any resident of Canada.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -40.5pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Issuer and the Guarantors have filed a
joint registration statement (including a prospectus and a prospectus supplement) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents
the Partnership has filed with the SEC for more complete information about the Issuer, the Guarantors and this offering. You may get these
documents for free by visiting EDGAR on the SEC Web site at www.sec.gov.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Alternatively, the Issuer and the Guarantors,
any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request
it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751, BofA Securities, Inc. toll-free at 1-800-294-1322, J.P. Morgan
Securities LLC toll-free at 1-212-834-4533, Morgan Stanley &amp; Co. LLC toll-free at 1-866-718-1649, RBC Capital Markets, LLC toll-free
at 1-866-375-6829 or UBS Securities LLC toll-free at 1-888-827-7275.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No key information document (&ldquo;KID&rdquo;)
required by Regulation (EU) No. 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise
making them available to retail investors in the European Economic Area (&ldquo;EEA&rdquo;) has been prepared as the Notes will not be
made available to any retail investor in the EEA.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No KID required by Regulation (EU) No 1286/2014
as it forms part of domestic law of the United Kingdom (&ldquo;UK&rdquo;) by virtue of the European Union (Withdrawal) Act 2018, as amended
(&ldquo;EUWA&rdquo;) (the &ldquo;UK PRIIPs Regulation&rdquo;) for offering or selling the Notes or otherwise making them available to
retail investors in the UK has been prepared as the Notes will not be made available to any retail investor in the UK.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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