Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”) today announced that the Toronto Stock
Exchange (the “
TSX”) accepted a notice filed by
Brookfield Renewable of its intention to renew its normal course
issuer bid for its Class A preferred limited partnership units
(“
Preferred Units”) and also accepted a notice
filed by Brookfield Renewable Power Preferred Equity Inc.
(“
BRP Equity”) of its intention to renew its
normal course issuer bid for its outstanding Class A preference
shares (“
Preferred Shares”). BRP Equity is a
wholly-owned subsidiary of Brookfield Renewable. Brookfield
Renewable believes that in the event that the Preferred Units or
Preferred Shares trade in a price range that does not fully reflect
their value, the acquisition of Preferred Units or Preferred Shares
may represent an attractive use of available funds. There are
currently six series of Preferred Units and five series of
Preferred Shares outstanding and listed on the TSX. Under
Brookfield Renewable’s normal course issuer bid for Preferred
Units, Brookfield Renewable is authorized to repurchase a total of
approximately 10% of the public float of each respective series of
the Preferred Units as follows:
Series |
Ticker |
Issued and outstanding units1 |
Public float1 |
Average daily trading volume2 |
Maximum number of units subject to purchase3 |
|
|
|
|
|
Total |
Daily |
5 |
BEP.PR.E |
2,885,496 |
2,885,496 |
3,482 |
288,549 |
1,000 |
7 |
BEP.PR.G |
7,000,000 |
7,000,000 |
8,099 |
700,000 |
2,024 |
9 |
BEP.PR.I |
8,000,000 |
8,000,000 |
7,370 |
800,000 |
1,842 |
11 |
BEP.PR.K |
10,000,000 |
10,000,000 |
7,900 |
1,000,000 |
1,975 |
13 |
BEP.PR.M |
10,000,000 |
10,000,000 |
6,233 |
1,000,000 |
1,558 |
15 |
BEP.PR.O |
7,000,000 |
7,000,000 |
6,358 |
700,000 |
1,589 |
1. Calculated as at July 3,
2020.2. For the 6 months ended June 30, 2020.
3. In accordance with TSX rules, any daily repurchases
with respect to the Series 5 Preferred Units would be limited to
1,000 Preferred Units.
Under BRP Equity’s normal course issuer bid for
Preferred Shares, BRP Equity is authorized to repurchase a total of
approximately 10% of the public float of each respective series of
the Preferred Shares as follows:
Series |
Ticker |
Issued and outstanding shares4 |
Public float4 |
Average daily trading volume5 |
Maximum number of shares subject to purchase6 |
|
|
|
|
|
Total |
Daily |
1 |
BRF.PR.A |
6,849,533 |
6,849,533 |
8,045 |
684,873 |
2,011 |
2 |
BRF.PR.B |
3,110,531 |
3,110,531 |
2,854 |
311,053 |
1,000 |
3 |
BRF.PR.C |
9,961,399 |
9,961,399 |
10,371 |
996,139 |
2,592 |
5 |
BRF.PR.E |
7,000,000 |
4,114,504 |
3,782 |
411,450 |
1,000 |
6 |
BRF.PR.F |
7,000,000 |
7,000,000 |
5,592 |
700,000 |
1,398 |
4. Calculated as at July 3,
2020.5. For the 6 months ended June 30, 2020.6. In
accordance with TSX rules, any daily repurchases with respect to
the Series 2 and Series 5 Preferred Shares would be limited to
1,000 Preferred Shares.
Repurchases under each normal course issuer bid
are authorized to commence on July 9, 2020 and each normal course
issuer bid will terminate on July 8, 2021, or earlier should
Brookfield Renewable or BRP Equity, as applicable, complete its
repurchases under its respective normal course issuer bid prior to
such date. Under Brookfield Renewable’s prior normal course issuer
bid that commenced on July 9, 2019 and expires on July 8, 2020,
Brookfield Renewable previously sought and received approval from
the TSX to repurchase up to 288,549 Series 5 Preferred Units,
700,000 Series 7 Preferred Units, 800,000 Series 9 Preferred Units,
1,000,000 Series 11 Preferred Units, 1,000,000 Series 13 Preferred
Units and 700,000 Series 15 Preferred Units. Brookfield
Renewable has not repurchased any Preferred Units in the past 12
months.
Under BRP Equity’s prior normal course issuer
bid that commenced on July 9, 2019 and expires on July 8, 2020, BRP
Equity previously sought and received approval from the TSX to
repurchase up to 544,887 Series 1 Preferred Shares, 451,038 Series
2 Preferred Shares, 996,139 Series 3 Preferred Shares, 411,450
Series 5 Preferred Shares and 700,000 Series 6 Preferred Shares.
BRP Equity has not repurchased any Preferred Shares in the past 12
months.
All purchases of the Preferred Units and
Preferred Shares will be effected through the facilities of the TSX
and/or alternative trading systems, and all Preferred Units and
Preferred Shares acquired under the applicable normal course issuer
bid will be cancelled. Repurchases will be subject to compliance
with applicable Canadian securities laws.
From time to time, when Brookfield Renewable or
BRP Equity does not possess material non-public information about
itself or its securities, it may enter into automatic purchase
plans with its broker to allow for the purchase of Preferred Units
or Preferred Shares, as applicable, at times when it ordinarily
would not be active in the market due to its own internal trading
blackout periods and insider trading rules. Any such plans entered
into with the broker of Brookfield Renewable or BRP Equity will be
adopted in accordance with applicable Canadian securities
laws. The series of Preferred Units and Preferred Shares
subject to an automatic purchase plan may vary. Outside of
these periods, Preferred Units and Preferred Shares will be
repurchased in accordance with management’s discretion and in
compliance with applicable law.
Brookfield Renewable
Partners
Brookfield Renewable Partners operates one of
the world’s largest publicly traded, pure-play renewable power
platforms. Our portfolio consists of hydroelectric, wind, solar and
storage facilities in North America, South America, Europe and
Asia, and totals over 19,000 megawatts of installed capacity and a
13,000 megawatt development pipeline. Brookfield Renewable is
listed on the New York and Toronto stock exchanges. Further
information is available at https://bep.brookfield.com. Important
information may be disseminated exclusively via the website;
investors should consult the site to access this information.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over $515 billion of assets
under management.
Please note that Brookfield Renewable’s previous
audited annual and unaudited quarterly reports filed with the U.S.
Securities and Exchange Commission (“SEC”) and
securities regulators in Canada, are available on our website at
https://bep.brookfield.com, on SEC’s website at
www.sec.gov and on SEDAR’s website at www.sedar.com. Hard
copies of the annual and quarterly reports can be obtained free of
charge upon request.
Contact information: |
|
|
|
Media: Claire
Holland Senior Vice President –
Communications (416) 369-8236
claire.holland@brookfield.com |
Investors:Cara
SilvermanManager – Investor
Relations(416)
649-8172cara.silverman@brookfield.com |
Cautionary Statement Regarding Forward-looking
Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
securities laws and “forward-looking statements” within the meaning
of Section 27A of the U.S. Securities Act of 1933, as
amended, Section 21E of the U.S. Securities Exchange Act
of 1934, as amended, “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995 and in any
applicable Canadian securities regulations. Forward-looking
statements may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not
statements of fact. Forward-looking statements can be identified by
the use of words such as “believes” and “may” or variations of such
words and phrases and include statements regarding potential future
purchases by Brookfield Renewable of its Preferred Units and by BRP
Equity of its Preferred Shares pursuant to their respective normal
course issuer bids and, as applicable, automatic repurchase
plans. Although Brookfield Renewable believes that these
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on them, or any other forward-looking
statements or information in this news release. The future
performance and prospects of Brookfield Renewable are subject to a
number of known and unknown risks and uncertainties. Factors that
could cause actual results of Brookfield Renewable to differ
materially from those contemplated or implied by the statements in
this news release include: general economic conditions; interest
rate changes; availability of equity and debt financing; the
performance of the Units or the stock exchanges generally; and
other risks and factors described in the documents filed by
Brookfield Renewable with securities regulators in Canada and the
United States including under “Risk Factors” in Brookfield
Renewable’s most recent Annual Report on Form 20-F and other risks
and factors that are described therein.
Except as required by law, Brookfield Renewable
does not undertake any obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
whether as a result of new information, future events or
otherwise.
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