Brookfield Renewable Announces Dividend Rate on its Series 1 & Series 2 Preference Shares
April 01 2020 - 5:17PM
Brookfield Renewable Partners L.P. (
TSX: BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”) today announced that Brookfield Renewable
Power Preferred Equity Inc. (“
BRP Equity”) has
determined the fixed dividend rate on its Class A Preference
Shares, Series 1 (“
Series 1 Shares”)
(
TSX:BRF.PR.A) for the five years commencing May
1, 2020 and ending April 30, 2025. If declared, the fixed
quarterly dividends on the Series 1 Shares during that period will
be paid at an annual rate of 3.137% ($0.196063 per share per
quarter).
Holders of Series 1 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on April 15, 2020, to convert all or part of their Series 1 Shares,
on a one-for-one basis, into Class A Preference Shares, Series 2
(“Series 2 Shares”)
(TSX:BRF.PR.B), effective April 30, 2020.
Holders of Series 1 Shares are not required to elect to convert all
or any part of their Series 1 Shares into Series 2 Shares.
The quarterly floating rate dividends on the
Series 2 Shares will be paid at an annual rate, calculated for each
quarter, of 2.62% over the annual yield on three-month Government
of Canada treasury bills. The actual quarterly dividend rate in
respect of the May 1, 2020 to July 31, 2020 dividend period for the
Series 2 Shares will be 0.71911% (2.853% on an annualized basis)
and the dividend, if declared, for such dividend period will be
$0.179778 per share, payable on July 31, 2020.
Holders of Series 2 Shares have the right, at
their option, exercisable not later than 5:00 p.m. (Toronto time)
on April 15, 2020, to convert all or part of their Series 2 Shares,
on a one-for-one basis, into Series 1 Shares, effective April 30,
2020. Holders of Series 2 Shares are not required to elect to
convert all or any part of their Series 2 Shares into Series 1
Shares.
As provided in the share conditions of the
Series 1 Shares, (i) if BRP Equity determines that there would be
fewer than 1,000,000 Series 1 Shares outstanding after April 30,
2020, all remaining Series 1 Shares will be automatically converted
into Series 2 Shares on a one-for-one basis effective April 30,
2020; and (ii) if BRP Equity determines that there would be fewer
than 1,000,000 Series 2 Shares outstanding after April 30, 2020, no
Series 1 Shares will be permitted to be converted into Series 2
Shares. There are currently 5,449,675 Series 1 Shares
outstanding.
As provided in the share conditions of the
Series 2 Shares, (i) if BRP Equity determines that there would be
fewer than 1,000,000 Series 2 Shares outstanding after April 30,
2020, all remaining Series 2 Shares will be automatically converted
into Series 1 Shares on a one-for-one basis effective April 30,
2020; and (ii) if BRP Equity determines that there would be fewer
than 1,000,000 Series 1 Shares outstanding after April 30, 2020, no
Series 2 Shares will be permitted to be converted into Series 1
Shares. There are currently 4,510,389 Series 2 Shares
outstanding.
Brookfield Renewable
Partners
Brookfield Renewable 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 approximately
19,000 megawatts of installed capacity and an approximately 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 $540
billion of assets under management.
Contact information: |
|
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Media:Claire
HollandSenior Vice President –
Communications(416)
369-8236claire.holland@brookfield.com |
|
Investors:Cara
SilvermanManager – Investor Relations
(416)
649-8172cara.silverman@brookfield.com |
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