Brookfield Renewable today announced that the Toronto Stock
Exchange (the “
TSX”) has accepted notices filed by
- Brookfield Renewable Partners L.P.
(TSX: BEP.UN; NYSE: BEP)
(“BEP”) of its intention to renew its normal
course issuer bids for its limited partnership units (“LP
Units”) and Class A preferred limited partnership units
(“Preferred Units”);
- Brookfield Renewable Corporation
(TSX: BEPC; NYSE: BEPC)
(“BEPC” and together with BEP, “Brookfield
Renewable”) of its intention to renew its normal course
issuer bid for its outstanding class A exchangeable subordinate
voting shares (“Exchangeable Shares”); and
- 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 BEP.
Brookfield Renewable believes that in the event
that the LP Units, Preferred Units, Exchangeable Shares or
Preferred Shares trade in a price range that does not fully reflect
their value, the acquisition of such securities may represent an
attractive use of available funds. There are currently four series
of Preferred Units and five series of Preferred Shares outstanding
and listed on the TSX.
Under BEP’s normal course issuer bid for LP
Units, BEP is authorized to repurchase up to 13,764,352 LP Units,
representing 5% of its issued and outstanding LP Units. At the
close of business on December 4, 2022, there were 275,287,041 LP
Units issued and outstanding. Under BEP’s normal course issuer bid,
it may repurchase up to 57,264 LP Units on the TSX during any
trading day, which represents 25% of the average daily trading
volume of 229,059 LP Units for the six months ended November 30,
2022.
Under BEPC’s normal course issuer bid for
Exchangeable Shares, BEPC is authorized to repurchase up to
8,610,905 Exchangeable Shares, representing 5% of its issued and
outstanding Exchangeable Shares. At the close of business on
December 4, 2022, there were 172,218,116 Exchangeable Shares issued
and outstanding. Under BEPC’s normal course issuer bid, it may
repurchase up to 52,810 Exchangeable Shares on the TSX during any
trading day, which represents 25% of the average daily trading
volume of 211,241 Exchangeable Shares for the six months ended
November 30, 2022.
Under BEP’s normal course issuer bid for
Preferred Units, BEP 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 andoutstandingunits1 |
Public float1 |
Averagedaily tradingvolume2 |
Maximum number ofunits subject topurchase |
|
|
|
|
|
Total |
Daily |
7 |
BEP.PR.G |
7,000,000 |
7,000,000 |
4,846 |
700,000 |
1,211 |
13 |
BEP.PR.M |
10,000,000 |
10,000,000 |
4,900 |
1,000,000 |
1,225 |
15 |
BEP.PR.O |
7,000,000 |
7,000,000 |
4,093 |
700,000 |
1,023 |
18 |
BEP.PR.R |
6,000,000 |
6,000,000 |
9,945 |
600,000 |
2,486 |
1. Calculated as at December 4,
2022.2. For the 6 months ended November 30, 2022.
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 andoutstandingshares3 |
Public float3 |
Averagedaily tradingvolume4 |
Maximum number ofshares subject
topurchase5 |
|
|
|
|
|
Total |
Daily |
1 |
BRF.PR.A |
6,849,533 |
6,849,533 |
3,456 |
684,953 |
1,000 |
2 |
BRF.PR.B |
3,110,531 |
3,110,531 |
1,101 |
311,053 |
1,000 |
3 |
BRF.PR.C |
9,961,399 |
9,961,399 |
5,670 |
996,139 |
1,417 |
5 |
BRF.PR.E |
7,000,000 |
4,114,504 |
2,565 |
411,450 |
1,000 |
6 |
BRF.PR.F |
7,000,000 |
7,000,000 |
3,572 |
700,000 |
1,000 |
3. Calculated as at December 4,
2022.4. For the 6 months ended November 30, 2022.5. In
accordance with TSX rules, any daily repurchases with respect to
the Series 1 Preferred Shares, Series 2 Preferred Shares, Series 5
Preferred Shares and the Series 6 Preferred Shares would be limited
to 1,000 Preferred Shares of such series.
Repurchases under each normal course issuer bid
are authorized to commence on December 16, 2022 and each normal
course issuer bid will terminate on December 15, 2023, or earlier
should Brookfield Renewable or BRP Equity, as applicable, complete
repurchases under its respective normal course issuer bids prior to
such date.
Under BEP’s prior normal course issuer bid for
LP Units that commenced on December 16, 2021 and expires on
December 15, 2022, BEP previously sought and received approval from
the TSX to repurchase up to 13,750,520 LP Units. BEP has not
repurchased any LP Units under its existing normal course issuer
bid for LP Units in the past 12 months.
Under BEPC’s prior normal course issuer bid that
commenced on December 16, 2021 and expires on December 15, 2022,
BEPC previously sought and received approval from the TSX to
repurchase up to 8,610,184 Exchangeable Shares. BEPC has not
repurchased any Exchangeable Shares under its existing normal
course issuer bid in the past 12 months.Under BEP’s prior normal
course issuer bid for Preferred Units that commenced on July 9,
2021 and expired on July 8, 2022, BEP previously sought and
received approval from the TSX to repurchase up to 288,549 Series 5
Preferred Units, 700,000 Series 7 Preferred Units, 1,000,000 Series
11 Preferred Units, 1,000,000 Series 13 Preferred Units and 700,000
Series 15 Preferred Units. BEP did not repurchase any Preferred
Units under this normal course issuer bid.
Under BRP Equity’s prior normal course issuer
bid that commenced on July 9, 2021 and expired on July 8, 2022, BRP
Equity previously sought and received approval from the TSX to
repurchase up to 684,953 Series 1 Preferred Shares, 311,053 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 did not repurchase any Preferred Shares under this
normal course issuer bid.
All purchases of the LP Units and Exchangeable
Shares will be effected through the facilities of the TSX and/or
the New York Stock Exchange and/or alternative trading systems in
Canada and/or the United States. All purchases of Preferred Units
and Preferred Shares will be effected through facilities of the TSX
and/or alternative trading systems in Canada. All LP Units,
Preferred Units, Exchangeable Shares 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, they may enter into automatic purchase
plans with brokers to allow for the purchase of LP Units, Preferred
Units, Exchangeable Shares or Preferred Shares, as applicable, at
times when they ordinarily would not be active in the market due to
their own internal trading blackout periods and insider trading
rules. Any such plans entered into with a broker 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, LP Units,
Preferred Units, Exchangeable Shares and Preferred Shares will be
repurchased in accordance with management’s discretion and in
compliance with applicable law.
Brookfield Renewable
Brookfield Renewable operates one of the world’s
largest publicly traded, pure-play renewable power platforms. Our
portfolio consists of hydroelectric, wind, utility-scale solar and
storage facilities in North America, South America, Europe and
Asia, and totals approximately 24,000 megawatts of installed
capacity and an over 100,000-megawatt and 8 million metric tons per
annum (“MMTPA”) of carbon capture and storage
development pipeline. Investors can access its portfolio either
through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX:
BEP.UN), a Bermuda-based limited partnership, or Brookfield
Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.
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 Corporation (NYSE: BN; TSX:
BN).
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: |
Investors: |
Simon Maine |
Cara Silverman |
+44 7398 909 278 |
+1 416-649-8172 |
simon.maine@brookfield.com |
cara.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 applicable U.S. securities laws. Forward-looking statements and
information may include estimates, plans, expectations, opinions,
forecasts, projections, guidance or other statements that are not
statements of fact. Forward-looking statements and information can
be identified by the use of words such as “believes” and “may” or
variations of such words and phrases and include statements
regarding the potential future purchases by BEP of its LP Units and
Preferred Units, by BEPC of its Exchangeable Shares 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 LP Units, the Preferred Units, the Exchangeable
Shares or the Preferred Shares 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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