Brookfield Renewable to Issue CDN$150 Million of Preferred Units
March 04 2019 - 9:05AM
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION TO THE UNITED STATES
Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“Brookfield Renewable”) today
announced that it has agreed to issue 6,000,000 Cumulative Minimum
Rate Reset Class A Preferred Limited Partnership Units, Series 15
(the “Series 15 Preferred Units”) on a bought deal basis to a
syndicate of underwriters led by CIBC Capital Markets, BMO Capital
Markets, RBC Capital Markets, Scotiabank and TD Securities Inc. for
distribution to the public. The Series 15 Preferred Units will be
issued at a price of $25.00 per unit, for gross proceeds of
$150,000,000.
Holders of the Series 15 Preferred Units will be
entitled to receive a cumulative quarterly fixed distribution
yielding 5.75% annually for the initial period ending April 30,
2024. Thereafter, the distribution rate will be reset every five
years at a rate equal to the greater of (i) the 5-year Government
of Canada bond yield plus 3.94%, and (ii) 5.75%. The Series 15
Preferred Units are redeemable on April 30, 2024 and on each Series
15 Reclassification Date (as defined below) thereafter.
Holders of the Series 15 Preferred Units will
have the right, at their option, to reclassify their Series 15
Preferred Units into Cumulative Floating Rate Reset Class A
Preferred Limited Partnership Units, Series 16 (“Series 16
Preferred Units”), subject to certain conditions, on April 30, 2024
and on April 30 every 5 years thereafter (each a “Series 15
Reclassification Date”). Holders of Series 16 Preferred Units will
be entitled to receive a cumulative quarterly floating distribution
at a rate equal to the 90-day Canadian Treasury Bill yield plus
3.94%.
Brookfield Renewable has granted the
underwriters an option, exercisable until 48 hours prior to
closing, to purchase up to an additional 2,000,000 Series 15
Preferred Units which, if exercised, would increase the gross
offering size to $200,000,000.
The Series 15 Preferred Units will be offered in
all provinces and territories of Canada by way of a supplement to
Brookfield Renewable’s existing Canadian short form base shelf
prospectus. The Series 15 Preferred Units may not be offered or
sold in the United States or to U.S. persons absent registration or
an applicable exemption from the registration requirements under
the U.S. Securities Act.
Brookfield Renewable intends to use the net
proceeds of the issue of Series 15 Preferred Units to repay
outstanding indebtedness and for general corporate purposes. The
offering of Series 15 Preferred Units is expected to close on or
about March 11, 2019.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities in
any jurisdiction, nor shall there be any offer or sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities being offered have not been
approved or disapproved by any regulatory authority nor has any
such authority passed upon the accuracy or adequacy of the short
form base shelf prospectus or the prospectus supplement. The offer
and sale of the securities has not been and will not be registered
under the United States Securities Act of 1933, as amended (the
“U.S. Securities Act”) or any state securities laws and may not be
offered or sold in the United States or to United States persons
absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.
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 17,000 megawatts of installed capacity and an
8,000 megawatt development pipeline. Brookfield Renewable is listed
on the New York and Toronto stock exchanges.
Brookfield Renewable is the flagship listed
renewable power company of Brookfield Asset Management, a leading
global alternative asset manager with over $350 billion of assets
under management.
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Contact information: |
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Media: |
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Investors: |
Claire Holland |
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Divya Biyani |
Vice President –
Communications |
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Director – Investor
Relations |
(416) 369-8236 |
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(416) 369-2616 |
claire.holland@brookfield.com |
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divya.biyani@brookfield.com |
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Cautionary statement regarding
forward-looking information
Note: This news release contains forward-looking statements and
information within the meaning of Canadian securities laws.
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 “will”,
“expected”, “intend”, or variations of such words and phrases.
Forward-looking statements in this news release include statements
regarding the closing and use of proceeds of the offering. Although
Brookfield Renewable believes that such forward-looking statements
and information are based upon reasonable assumptions and
expectations, no assurance is given that such expectations will
prove to have been correct. The reader should not place undue
reliance on forward-looking statements and information as such
statements and information involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Brookfield Renewable to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information. 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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