BIP Bermuda Holdings I

Raises capital inside Brookfield Infrastructure's financing and guarantee structure rather than selling products or services to outside customers. The listed security is a perpetual subordinated note issued by a Bermuda holding subsidiary, while operating activity sits with the consolidated guarantor group.

Utilities, Transport, Midstream, and Data are the guarantor group's operating segments across the Americas, Europe, and Asia Pacific. The portfolio spans regulated distribution and transmission, rail and toll roads, pipelines and gas storage, and towers, fiber, and data centers. Capital recycling helps fund new infrastructure investments.

Interest can be deferred without an event of default, deferred amounts compound until paid, and distribution restrictions apply during deferral. The notes are unsecured and subordinated, with payment economics tied to the issuer and contractual guarantees from Brookfield Infrastructure Partners and related holding companies.