Business & Finance
Business and Finance
Business and Finance
Thu, October 11, 2012 Brookfield Renewable Completes CDN$250 Million Preferred Share Offering
October 11, 2012 08:30 ET
Brookfield Renewable Completes CDN$250 Million Preferred Share Offering
HAMILTON, BERMUDA--(Marketwire - Oct. 11, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Brookfield Renewable Energy Partners (TSX:BEP.UN)(TSX:BRF.PR.C) ("Brookfield Renewable") today announced the completion of the previously announced offering of 10,000,000 Class A Preference Shares, Series 3 (the "Series 3 Shares"), (including 2,000,000 Series 3 Shares sold pursuant to an underwriters' option that was exercised in full prior to closing), at a price of CDN$25.00 per Series 3 Share, for total gross proceeds of CDN$250,000,000. The offering was underwritten by a syndicate led by TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank.
A subsidiary of Brookfield Renewable issued the Series 3 Shares, which are guaranteed by Brookfield Renewable. Holders of the Series 3 Shares will be entitled to receive fixed cumulative dividends yielding 4.4% at the issue price annually and payable quarterly for the initial period ending July 31, 2019. Thereafter, the dividend rate will be reset every five years at a rate equal to the then five-year Government of Canada bond yield plus 2.94%.
Brookfield Renewable intends to use the net proceeds of the issue of the Series 3 Shares to repay outstanding indebtedness and for general corporate purposes.
The Series 3 Shares will commence trading today on the Toronto Stock Exchange under the ticker symbol BRF.PR.C.
Brookfield Renewable Energy Partners(TSX:BEP.UN) operates one of the largest publicly-traded, pure-play renewable power platforms globally. Its portfolio is primarily hydroelectric and totals approximately 5,000 megawatts of installed capacity. Diversified across 68 river systems and 10 power markets in the United States, Canada and Brazil, the portfolio generates enough electricity from renewable resources to power two million homes on average each year. With a virtually fully-contracted portfolio of high-quality assets and strong growth prospects, the business is positioned to generate stable, long-term cash flows supporting regular and growing cash distributions to unitholders. For more information, please visit [ www.brookfieldrenewable.com ].
