Brookfield Infrastructure Corporation has launched a $400 million at‑the‑market (ATM) equity program that will allow the company to issue class A exchangeable subordinate voting shares directly from its treasury. Each share can be exchanged for one limited partnership unit of Brookfield Infrastructure Partners L.P. or its cash equivalent, ensuring the combined number of LP units and BIPC shares remains largely unchanged. The program will remain in effect until February 28 2027, or earlier if all shares are sold or the agreement is terminated by either party.
Proceeds from the ATM program will be used to fund share repurchases under the partnership’s normal course issuer bid (NCIB) and for general corporate purposes. The non‑dilutive structure—because shares can be swapped for LP units—provides Brookfield with a flexible capital source that can be deployed opportunistically while preserving the existing ownership balance.
The decision to launch the ATM program reflects Brookfield’s strategy of maintaining a strong liquidity position while pursuing growth opportunities, particularly in AI infrastructure. By having a ready source of capital, the company can take advantage of favorable market conditions without the need for a traditional underwritten offering, potentially achieving better pricing and faster execution.
CEO Sam Pollock emphasized that the program is part of Brookfield’s broader capital recycling framework. “We are committed to maintaining a strong liquidity position while pursuing growth opportunities, especially in AI infrastructure,” he said. The ATM program aligns with the company’s track record of exiting assets at attractive returns and reinvesting proceeds into high‑return verticals.
Brookfield’s recent earnings—highlighting a $654 million funds‑from‑operations in Q3 2025 and a 9% year‑over‑year increase in revenue—demonstrate the company’s robust financial health. The strong results provide confidence that the ATM program can be executed without compromising operational performance or shareholder returns.
The ATM program is a key component of Brookfield’s capital allocation strategy, enabling efficient use of capital, supporting shareholder returns through share repurchases, and providing the flexibility needed to capitalize on emerging growth opportunities.
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