Brookfield Infrastructure Corporation (BIPC) has launched a $400 million at‑the‑market (ATM) equity program that will allow the company to issue up to 400 million class A exchangeable voting shares directly from its treasury. The shares can be traded on the Toronto and New York Stock Exchanges, as well as other U.S. and Canadian marketplaces, and can be exchanged at the holder’s option for one non‑voting limited partnership unit of Brookfield Infrastructure Partners L.P. or its cash equivalent. The program is scheduled to terminate on February 28, 2027, unless all shares are sold or the distribution agreement is terminated earlier.
The proceeds from the ATM program will be used primarily to repurchase partnership units under the company’s normal‑course issuer bid (NCIB) program and for general corporate purposes. By balancing share issuance with unit repurchases, BIPC aims to keep the combined number of LP units and BIPC shares largely unchanged, thereby maintaining shareholder value and avoiding dilution. The program’s design reflects the company’s ongoing capital‑management strategy, which has emphasized flexibility and opportunistic funding.
Brookfield’s decision to launch the ATM program comes on the back of a strong Q3 2025 financial performance. The company reported funds from operations per unit of $0.83, up 9 % year‑over‑year, and net income of $440 million for the quarter ended September 30, 2025. These results underscore the firm’s robust cash‑generating ability and provide a solid foundation for additional capital‑raising activities. Management has highlighted the company’s focus on AI infrastructure as a key growth area, suggesting that the ATM program could serve as a flexible source of funding for future investments in this sector.
CEO Sam Pollock emphasized the company’s position of strength, noting that Brookfield enters 2026 with a substantial runway for growth and an expanded opportunity set driven by AI infrastructure. Pollock’s remarks signal confidence in the company’s ability to deploy capital efficiently while preserving shareholder value. The ATM program aligns with this outlook by offering a low‑cost, market‑timed mechanism to raise equity when conditions are favorable.
The ATM program complements the NCIB program that Brookfield renewed in November 2024. The renewed NCIB authorizes repurchases of up to 5 % of outstanding LP units and 10 % of the public float of exchangeable shares, with a termination date of December 1, 2025. By coordinating the ATM issuance with the NCIB repurchase authority, BIPC can strategically manage its capital structure and maintain a balanced equity‑unit mix.
The announcement was received as a routine corporate filing with no significant market reaction reported. Investors and analysts view the program as a standard tool for capital flexibility rather than a headline‑making event.
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