Brookfield Renewable today announced that the Toronto Stock
Exchange (the “
TSX”) has accepted a notice filed
by Brookfield Renewable Partners L.P. (
TSX:
BEP.UN;
NYSE: BEP) (“
Brookfield
Renewable”) of its intention to renew its normal course
issuer bid for its Class A preferred limited partnership units
(“
Preferred Units”) and has 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. After giving
effect to the previously announced redemption of Series 9 Preferred
Units on July 31, 2021, there will be five 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 |
2,336 |
288,549 |
1,000 |
7 |
BEP.PR.G |
7,000,000 |
7,000,000 |
7,831 |
700,000 |
1,957 |
11 |
BEP.PR.K |
10,000,000 |
10,000,000 |
6,888 |
1,000,000 |
1,722 |
13 |
BEP.PR.M |
10,000,000 |
10,000,000 |
7,252 |
1,000,000 |
1,813 |
15 |
BEP.PR.O |
7,000,000 |
7,000,000 |
6,310 |
700,000 |
1,577 |
1. Calculated as at July 2,
2021.2. For the 6 months ended June 30, 2021.
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 |
14,051 |
684,953 |
3,512 |
2 |
BRF.PR.B |
3,110,531 |
3,110,531 |
2,803 |
311,053 |
1,000 |
3 |
BRF.PR.C |
9,961,399 |
9,961,399 |
8,963 |
996,139 |
2,240 |
5 |
BRF.PR.E |
7,000,000 |
4,114,504 |
2,773 |
411,450 |
1,000 |
6 |
BRF.PR.F |
7,000,000 |
7,000,000 |
4,152 |
700,000 |
1,038 |
4. Calculated as at July 2,
2021.5. For the 6 months ended June 30,
2021.6. In accordance with TSX rules, any daily
repurchases with respect to the Series 2 Preferred Shares and the
Series 5 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 July 9, 2021 and each normal
course issuer bid will terminate on July 8, 2022, 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, 2020 and expires on July 8, 2021,
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, 2020 and expires on July 8, 2021, BRP
Equity previously sought and received approval from the TSX to
repurchase up to 684,873 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 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 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 21,000 megawatts of installed capacity and an
approximately 27,000 megawatts 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 $600
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: |
Investors: |
Claire Holland |
Robin Kooyman |
Senior Vice President – Communications |
Senior Vice President – Investor
Relations |
(416) 369-8236 |
(416) 369-2616 |
claire.holland@brookfield.com |
robin.kooyman@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 expected redemption of Brookfield Renewable’s Series
9 Preferred Units, 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 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.
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