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 commence a 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. 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 |
2,223 |
288,549 |
1,000 |
7 |
BEP.PR.G |
7,000,000 |
7,000,000 |
8,704 |
700,000 |
2,176 |
9 |
BEP.PR.I |
8,000,000 |
8,000,000 |
6,573 |
800,000 |
1,643 |
11 |
BEP.PR.K |
10,000,000 |
10,000,000 |
10,689 |
1,000,000 |
2,672 |
13 |
BEP.PR.M |
10,000,000 |
10,000,000 |
13,496 |
1,000,000 |
3,374 |
15 |
BEP.PR.O |
7,000,000 |
7,000,000 |
28,743 |
700,000 |
7,185 |
1. |
Calculated as at July 3, 2019. |
2. |
For the 6 months ended June 30, 2019, with the exception of the
Series 15 Preferred Units which were issued on March 11, 2019. |
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 |
5,449,675 |
5,448,875 |
5,974 |
544,887 |
1,493 |
2 |
BRF.PR.B |
4,510,389 |
4,510,389 |
3,077 |
451,038 |
1,000 |
3 |
BRF.PR.C |
9,961,399 |
9,961,399 |
8,474 |
996,139 |
2,118 |
5 |
BRF.PR.E |
7,000,000 |
4,114,504 |
2,407 |
411,450 |
1,000 |
6 |
BRF.PR.F |
7,000,000 |
7,000,000 |
3,587 |
700,000 |
1,000 |
4. |
Calculated as at July 3, 2019. |
5. |
For the 6 months ended June 30, 2019. |
6. |
In accordance with TSX rules, any daily repurchases with respect to
the Series 2, Series 5 and Series 6 Preferred Shares would be
limited to 1,000 Preferred Shares. |
Repurchases under each normal course issuer bid
are authorized to commence on July 9, 2019 and each normal course
issuer bid will terminate on July 8, 2020, 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 BRP Equity’s prior normal course issuer
bid that commenced on June 27, 2018 and expired on June 26, 2019,
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 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. 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 $365 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 HollandVice
President – Communications(416)
369-8236claire.holland@brookfield.com |
Investors:Divya
BiyaniDirector – Investor
Relations(416)
369-2616divya.biyani@brookfield.com |
Cautionary Statement Regarding
Forward-looking Statements
This news release contains forward-looking
statements and information within the meaning of Canadian
provincial 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. The words “will”, “should”,
“could”, “target” “future”, “growth”, “expect”, “believe”, “plan”,
derivatives thereof and other expressions which are predictions of
or indicate future events, trends or prospects and which do not
relate to historical matters identify the above mentioned and other
forward-looking statements. Forward-looking statements in this news
release include statements with regards to 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 purchase plans.
Although Brookfield Renewable believes that these forward-looking
statements and information are based upon reasonable assumptions
and expectations, you 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 (without
limitation) weather conditions and other factors which may impact
generation levels at facilities; economic conditions in the
jurisdictions in which Brookfield Renewable operates; ability to
sell products and services under contract or into merchant energy
markets; changes to government regulations, including incentives
for renewable energy; ability to complete development and capital
projects on time and on budget; inability to finance operations or
fund future acquisitions due to the status of the capital markets;
health, safety, security or environmental incidents; regulatory
risks relating to the power markets in which Brookfield Renewable
operates, including relating to the regulation of our assets,
licensing and litigation; risks relating to internal control
environment; contract counterparties not fulfilling their
obligations; changes in operating expenses, including employee
wages, benefits and training, governmental and public policy
changes, and other risks associated with the construction,
development and operation of power generating facilities. For
further information on these known and unknown risks, please see
“Risk Factors” included in the Form 20-F of Brookfield Renewable
Partners L.P.
The foregoing list of important factors that may
affect future results is not exhaustive. The forward-looking
statements represent our views as of the date of this news release
and should not be relied upon as representing our views as of any
subsequent date. While we anticipate that subsequent events and
developments may cause our views to change, we disclaim any
obligation to update the forward-looking statements, other than as
required by applicable law.
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brookfield Renewable Par... (TSX:BEP.UN)
Historical Stock Chart
From Jul 2023 to Jul 2024