<SEC-DOCUMENT>0001104659-24-121621.txt : 20241121
<SEC-HEADER>0001104659-24-121621.hdr.sgml : 20241121
<ACCEPTANCE-DATETIME>20241121173043
ACCESSION NUMBER:		0001104659-24-121621
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241121
DATE AS OF CHANGE:		20241121

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:		241485660

	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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<FILENAME>tm2429191d2_fwp.htm
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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"><B>Filed Pursuant to Rule&nbsp;433 under the Securities
Act of 1933</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Free Writing Prospectus dated November&nbsp;21,
2024</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus Supplement
dated November&nbsp;19, 2024</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration Nos. 333-278529, 333-278529-01,
333-278529-02,</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>333-278529-03, 333-278529-04, 333-278529-05 and
333-278529-06</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">US$300,000,000 6.750% Fixed-to-Fixed Reset Rate
Subordinated Notes due 2055 (the &ldquo;<B>Notes</B>&rdquo;)</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">November&nbsp;21, 2024</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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, guaranteed by Brookfield Infrastructure Partners L.P.
and the other guarantors named below, and should be read together with the preliminary prospectus supplement dated November&nbsp;19, 2024
relating to the offering (the &ldquo;Preliminary Prospectus Supplement&rdquo;), including the documents incorporated by reference therein,
and the base prospectus dated April&nbsp;5, 2024, included in the registration statement on Form&nbsp;F-3ASR (File No.&nbsp;333-278529)
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">&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: 22%; text-align: justify"><B>Issuer:&#9;</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 76%; text-align: justify">Brookfield Infrastructure Finance ULC (the &ldquo;<B>Issuer</B>&rdquo;) </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Guarantors:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <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; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Offering Format:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">SEC-registered</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Security:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">6.750% Fixed-to-Fixed Reset Rate Subordinated Notes due 2055</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Ranking:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Subordinated unsecured</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Principal Amount of Notes:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">$300,000,000</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Denominations:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Original Issue Date:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">November&nbsp;29, 2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Maturity:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">March&nbsp;15, 2055</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Re-offer Yield&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">6.751%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Interest Rate:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Notes will bear interest (i)&nbsp;from and including the Original Issue Date to but excluding March&nbsp;15, 2030 (the &ldquo;<B>First Reset Date</B>&rdquo;) at an annual rate of 6.750% and thereafter (ii)&nbsp;from and including each Interest Reset Date with respect to each Interest Reset Period to but excluding, the next succeeding Interest Reset Date, the Maturity Date or date of redemption, as the case may be, at an annual rate equal to the Five-Year Treasury Rate as of the most recent Reset Interest Determination Date, plus a spread of 2.453% to be reset on each Interest Reset Date; provided, that the interest rate during any Interest Reset Period will not reset below 6.750% (which equals the interest rate on the Notes on the Original Issue Date). For additional information and the definitions of the terms Interest Reset Period, Five-Year Treasury Rate, Reset Interest Determination Date and First Reset Date, see &ldquo;Description of the Notes&mdash;Interest&rdquo; in the Preliminary Prospectus Supplement.</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; text-align: justify; width: 22%"><B>Interest Reset Date:&#9;</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 76%">The First Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Interest Payment Dates</B>:<B>&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Semi-annually on March&nbsp;15 and September&nbsp;15 of each year, beginning on March&nbsp;15, 2025.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Day Count Convention:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">30/360</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>Interest Deferral Right:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">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 5 consecutive years. During any Deferral Period, interest on the Notes will continue to accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Interest Reset Date occurring during such Deferral Period in accordance with the terms of the Notes). In addition, during any Deferral Period, interest on the deferred interest (&ldquo;compound interest&rdquo;) will accrue at the then-applicable interest rate on the Notes (as reset from time to time on any Interest Reset Date occurring during such Deferral Period in accordance with the terms of the Notes), compounded semi-annually, to the extent permitted by applicable law. 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 (including, to the extent permitted by law, any compound interest). A Deferral Period terminates on any Interest Payment Date where the Issuer pays all accrued and unpaid interest (including, to the extent permitted by law, any compound interest) on such date. No Deferral Period may extend beyond the Maturity Date. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Optional Redemption:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">The Issuer may redeem the Notes before their maturity, in whole or in part, (i)&nbsp;on any day in the period commencing on and including the date that is 90 days prior to the First Reset Date and ending on and including the First Reset Date and (ii)&nbsp;after the First Reset Date, on any Interest Payment Date, at a redemption price in cash equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest on the principal amount of Notes to be redeemed to, but excluding, the date of redemption. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Redemption on Rating Event:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">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.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Redemption on Tax Event:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">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.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Trade Date:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">November&nbsp;21, 2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Expected Settlement Date*:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">November&nbsp;29, 2024 (T+5)</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; text-align: justify; width: 22%"><B>Price to Public:&#9;</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 76%">100.000% (plus accrued interest, if any, from and including November&nbsp;29, 2024 if settlement of the Notes occurs after that date)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Underwriting Discounts:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.00% of the aggregate principal amount of the
    Notes.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Net Proceeds (before expenses):</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">$297,000,000</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Automatic Exchange:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <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&nbsp;A Preferred Units, being Class&nbsp;A Preferred Limited Partnership Units, Series&nbsp;17
    (the &ldquo;<B>Exchange Preferred Units</B>&rdquo;) upon the occurrence of: (i)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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 $1,000 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 $1,000. 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>
</TABLE>


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    <TD STYLE="text-align: left; width: 22%"><B>Distribution&#8239;Stopper Undertaking:</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 76%">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)&nbsp;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)&nbsp;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. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>CUSIP/ISIN:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">11276B AA7 / US11276BAA70</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Expected Ratings**:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <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>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Conflicts of Interest:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Brookfield Securities LLC, one of the underwriters is an affiliate of the Issuer. Any distribution of the Notes offered hereby will be made in compliance with applicable provisions of Rule&nbsp;5121 of the Financial Industry Regulatory Authority,&nbsp;Inc.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Joint Book-Running Managers:</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">BofA Securities,&nbsp;Inc.; Mizuho Securities USA LLC; RBC Capital Markets, LLC; Santander US Capital Markets LLC; BMO Capital Markets Corp.; MUFG Securities Americas Inc.; Scotia Capital (USA) Inc.; and SMBC Nikko Securities America,&nbsp;Inc. </TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><B>Co-Managers:&#9;</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Brookfield Securities LLC; CIBC World Markets Corp.; Credit Agricole Securities (USA) Inc.; National Bank of Canada Financial Inc.; SG Americas Securities, LLC; TD Securities (USA) LLC; and Wells Fargo Securities, LLC </TD></TR>
  </TABLE>
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<TD STYLE="width: 0.5in"><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&nbsp;of
the prospectus supplement, which will be the fifth business day following the date of the pricing of the securities (this settlement cycle
being referred to as &ldquo;T+5&rdquo;). Under Rule&nbsp;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+5, 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>


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<TD STYLE="width: 0.5in"><B>**</B></TD><TD STYLE="text-align: justify"><B>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>


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


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


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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
BofA Securities,&nbsp;Inc. toll-free, at 1-800-294-1322, Mizuho Securities USA LLC at 1-866-271-7403, RBC Capital Markets, LLC toll-free,
at 1-866-375-6829 and Santander US Capital Markets LLC at 1-855-403-3636.</B></P>


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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No key information document (&ldquo;KID&rdquo;) required by Regulation
(EU) No.&nbsp;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">&nbsp;</P>


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


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