The Toronto Stock Exchange reports that Class A exchangeable subordinate voting shares of Brookfield Infrastructure Corp. (New BIPC) will trade in substitution for Class A exchangeable subordinate voting shares of Brookfield Infrastructure Corp. (BIPC), at the open on Dec. 30, 2024, under the symbol BIPC, in Canadian dollars and with Cusip No. 11276H 10 6.

According to the TSX, the substitutional listing results from the reorganization of BIPC by way of plan of arrangement involving BIPC and New BIPC, among others. Pursuant to the arrangement, a new public company was created named Brookfield Infrastructure that has a similar capital structure to the current publicly traded company. The current publicly traded company, called Brookfield Infrastructure, changed its name to Brookfield Infrastructure Holdings Corp. and will be delisted.

Following recent proposed amendments to the tax rules relating to mutual fund corporations in the 2024 Canadian federal budget, the arrangement is intended to preserve the current benefits received by holders of BIPC exchangeable shares by holding their investments in Brookfield Infrastructure Partners LP and its subsidiaries through an economically equivalent security.

Pursuant to the arrangement, public holders of BIPC exchangeable shares will receive one New BIPC exchangeable share in exchange for each BIPC exchangeable share held. The arrangement closed on Dec. 24, 2024. Holders of BIPC exchangeable shares need not take any action in order to receive the New BIPC exchangeable shares to which they are entitled. Certificates will be replaced against transfer. The terms of the New BIPC exchangeable shares and the BIPC exchangeable shares are substantially similar. The New BIPC exchangeable shares are exchangeable by the holder, at any time, into limited partnership units of Brookfield Infrastructure Partners, on a one-for-one basis.

For more information, see BIPC's management information circular dated Oct. 23, 2024, available on SEDAR+.