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BORROWINGS
 12 Months Ended
Dec. 31, 2024
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, 2029. 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, 2024, there were $300 million (2023: $222 million) draws outstanding on the credit facility and $10 million of letters of credit were issued (2023: $8 million).
Maturity(2)
Annual Rate(2)
Currency20242023
Corporate revolving credit facilityJune 29, 2029
SOFR plus 1.2%
US$$300 $222 
Commercial PaperJanuary 28, 20255.0%US$850 989 
Current:
Medium Term Notes(1):
Public - Canadian(3)
February 22, 20243.3%C$— 226 
Public - Canadian(3)
February 22, 20243.3%C$— 302 
Non-Current:
Medium Term Notes(1):
Public - CanadianNovember 14, 20275.6%C$313 340 
Public - CanadianSeptember 11, 20284.2%C$487 528 
Public - CanadianOctober 9, 20293.4%C$487 528 
Public - CanadianJuly 27, 20305.7%C$348 377 
Public - CanadianSeptember 1, 20322.9%C$348 377 
Public - CanadianFebruary 14, 20336.0%C$174 189 
Public - CanadianApril 25, 20345.4%C$278 302 
Public - CanadianApril 25, 20525.8%C$139 151 
Public - CanadianJuly 27, 20536.0%C$139 151 
Subordinated notes(1)
Public - United StatesMarch 15, 20556.8%US$300 — 
Public - United StatesMay 24, 20815.0%US$250 250 
Public - United StatesMay 31, 20847.3%US$158 — 
4,571 4,932 
Deferred financing costs and other(29)(21)
Total$4,542 $4,911 
(1)See Note 21, 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, 2024.
(3)On February 21, 2024, Brookfield Infrastructure Finance ULC redeemed all medium-term notes maturing February 22, 2024.

On November 29, 2024, Brookfield Infrastructure Finance ULC issued $300 million of fixed-to-fixed reset rate subordinated notes maturing March 15, 2055, with an initial coupon of 6.8%, until March 15, 2030, resetting every five years thereafter at the five-year U.S. treasury rate, plus a 2.5% spread, provided that the rate will not reset below 6.8%.
On May 31, 2024 and June 5, 2024 Brookfield Infrastructure Finance ULC issued, in aggregate, $158 million of subordinated notes maturing May 31, 2084, with a coupon of 7.3%.
On February 22, 2024, Brookfield Infrastructure Finance ULC repaid all medium-term notes maturing February 22, 2024 for $531 million.
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 consecutive one-year terms, and the maturity date is automatically extended, on February 8 each year, unless terminated prior to the relevant renewal date. 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, 2024, there were no (2023: $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 5.7% per annum and C$200 million maturing on July 27, 2053 with a coupon of 6.0% 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 5.6% per annum and C$250 million maturing on February 14, 2033 with a coupon of 6.0% 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 5.4% per annum and C$200 million maturing on April 25, 2052 with a coupon of 5.8% per annum, and $3 million of debt issuance costs were incurred.
The decrease in corporate borrowings of $369 million during the year ended December 31, 2024 is primarily attributable to the repayment of $531 million of medium term notes, net repayments of $139 million on our commercial paper program and the impact of foreign exchange, partially offset by issuance of approximately $458 million of subordinate notes and net draws on our corporate credit facility of $78 million.
(b)Non-Recourse Borrowings
The current and non-current balances of non-recourse borrowings are as follows:
US$ MILLIONS20242023
Current$2,838 $4,442 
Non-current43,714 36,462 
Total$46,552 $40,904 
Non-recourse borrowings increased by $5.6 billion from December 31, 2023 due to acquisition debt raised at our North American retail colocation data center operation and a follow-on acquisition of our existing India telecom operations, increased borrowings at our Brazilian regulated gas transmission operation, North American gas storage operation and North American rail operations, partially offset by non-recourse borrowings classified as held for sale and impacts of foreign exchange.
Principal repayments on non-recourse borrowings due over the next five years and thereafter are as follows:
US$ MILLIONSUtilitiesTransportMidstreamDataTotal
2025(1)
$1,080 $571 $1,082 $283 $3,016 
20261,020 1,169 422 2,041 4,652 
20271,250 1,143 1,453 822 4,668 
20281,894 729 586 1,255 4,464 
20291,788 2,637 635 1,295 6,355 
Thereafter6,655 5,569 7,352 4,650 24,226 
Total principal repayments13,687 11,818 11,530 10,346 47,381 
Deferred financing costs and other(101)(499)(18)(211)(829)
Total - Dec. 31, 2024$13,586 $11,319 $11,512 $10,135 $46,552 
Total - Dec. 31, 2023$11,772 $11,710 $11,154 $6,286 $40,904 
(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, 20247 %5 %6 %6 %6 %
Dec. 31, 20238 %5 %5 %7 %6 %
(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, 2024.
Principal repayments on non-recourse borrowings in their local currency are as follows:
US$ MILLIONS, except as notedDec. 31, 2024Local CurrencyDec. 31, 2023Local Currency
U.S. dollars$18,807 USD$18,807 $16,365 USD$16,365 
Canadian dollars10,133 CAD14,574 10,713 CAD14,195 
Indian rupees5,470 INR467,521 4,051 INR337,583 
British pounds4,607 GBP3,681 4,561 GBP3,583 
Brazilian real(1)
3,999 BRL24,762 2,501 BRL12,106 
Euro2,876 EUR2,778 2,123 EUR1,923 
Australian dollars893 AUD1,443 611 AUD897 
Colombian pesos559 COP2,462,758 541 COP2,088,803 
Peruvian soles— PEN— 432 PEN1,601 
New Zealand dollars37 NZD66 42 NZD66 
(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$ MILLIONS2023Cash Flows
Acquisitions/
Dispositions(1)
Held for Sale(2)
Foreign Exchange Movement and Other2024
Corporate borrowings$4,911 $(144)$— $— $(225)$4,542 
Non-recourse borrowings40,904 8,715 478 (1,197)(2,348)46,552 
(1)Refer to Note 7. Acquisition of Businesses, for further details.