Business: BIP Bermuda Holdings I Limited 5.125% Perpetual Subordinated Notes, 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 01/21/2027 at $25 per note plus accrued and unpaid interest and with no stated maturity. <p> Interest distributions of 5.125% per annum ($1.28 per annum or $0.32 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> Dividends paid by this subordinated notes are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-34 of the prospectus for further information). <p> This security is possibly subject to an early call before 01/21/2027 at $25.00 (100%) of their principal amount plus accrued and unpaid interest within 90 days of a tax event; before 01/21/2027 at $25.50 (102%) of their principal amount plus accrued and unpaid interest within 180 days of the occurrence of a rating agency event (see prospectus for further information). <p> This security was not rated by Moody’s and Rated BBB- by the S&P at the time of its IPO. 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.