Brookfield press release:
Hamilton, Bermuda, June 30, 2009 –– Brookfield Infrastructure Partners L.P. (the “Partnership”, and along with its related entities, “Brookfield Infrastructure”) (NYSE: BIP) today announced that it has completed the sale of 95% of Brookfield Infrastructure’s minority interests in a group of five related Brazilian transmission investments (“TBE”). The sale of the remaining 5% interest is expected to close within the next week.
Concurrent with the exercise of its option to sell its interests in TBE, Brookfield Infrastructure entered into a foreign exchange hedge to lock in projected proceeds in U.S. dollars. Total after-tax proceeds from the sale are expected to be US$275 million, of which US$27 million was received from realized hedge gains in 2008 and an additional US$43 million was received from realized hedge gains in the first quarter of 2009. The proceeds will be used to repay corporate borrowings, fund growth capital investments and acquisitions, as well as for general corporate working capital purposes.
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Brownfield, Greenfield, Public-Private Partnerships (PPP), Private Finance Initiative (PFI), Private Infrastructure Funds, Listed Infrastructure Funds, Infrastructure Investments
