Business: Brookfield Infrastructure Finance ULC 5.0% Subordinated Notes due 2081, liquidation amount $25 per note, guaranteed by Brookfield Infrastructure Partners L.P. (NYSE: BIP) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 05/24/2026 at $25 per note plus accrued and unpaid interest, and maturing 05/242081. <p> Interest distributions of 5.0% per annum ($1.25 per annum or $0.3125 per quarter) will be paid quarterly on 3/31, 6/30, 9/30 & 12/31 to holders of record on the record date that will be (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The issuer may elect to defer the interest payable on the Notes on one or more occasions for up to 60 consecutive months (see prospectus for further information). <p> The Notes, including accrued and unpaid interest thereon, will be exchanged automatically, without the consent or action of the holders thereof, into units of newly-issued series of Class A Preferred Units, which will be Series 15, relating to certain bankruptcy and related events (see prospectus for more details). This security is possibly subject to an early call before 05/25/2026 at $25.00 (100%) of their principal amount plus accrued and unpaid interest within 90 days of a tax event; before 05/26/2026 at $25.50 (102%) of their principal amount plus accrued and unpaid interest within 90 days of the occurrence of a rating agency event (see prospectus for further information). <p> The Notes are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, equally with all existing and future unsecured, subordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.