{"id":32328,"date":"2016-02-09T22:31:52","date_gmt":"2016-02-10T03:31:52","guid":{"rendered":"http:\/\/prefblog.com\/?p=32325"},"modified":"2016-02-09T22:31:52","modified_gmt":"2016-02-10T03:31:52","slug":"brf-pr-e-41-conversion-to-bep-pr-e","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=32328","title":{"rendered":"BRF.PR.E: 41% Conversion to BEP.PR.E"},"content":{"rendered":"<p>Brookfield Renewable Energy Partners L.P. <a href=\"http:\/\/brookfieldrenewable.com\/eng_content\/_2016\/brookfield_renewable_announces_final_results_of_ex-43588.html\">has announced<\/a>:<\/p>\n<blockquote><p> that as of 5:00 p.m. (Toronto Time) on February 8, 2016, a total of 2,885,496 Class A Preference Shares, Series 5 of Brookfield Renewable Power Preferred Equity Inc. (TSX:BRF.PR.E) (the \u201cSeries 5 Preferred Shares\u201d) were validly tendered to its offer to exchange each issued and outstanding Series 5 Preferred Share for one newly issued Class A Preferred Limited Partnership Unit, Series 5 of Brookfield Renewable (the \u201cExchange Offer\u201d). The Series 5 Preferred Shares tendered to the Exchange Offer represent approximately 41.22% of the issued and outstanding Series 5 Preferred Shares.<\/p>\n<p>As all conditions of the Exchange Offer have been satisfied, Brookfield Renewable intends to take up and pay for the Series 5 Preferred Shares tendered to the Exchange Offer by issuing a book entry only certificate representing 2,885,496 Class A Preferred Limited Partnership Units, Series 5 of Brookfield Renewable (the \u201cSeries 5 Preferred Units\u201d) in registered form to CDS Clearing and Depository Services Inc. The Series 5 Preferred Units are expected to be issued and commence trading on the Toronto Stock Exchange under the symbol \u201cBEP.PR.E\u201d on or about February 11, 2016. Series 5 Preferred Shares not tendered to the Exchange Offer will continue to trade on the Toronto Stock Exchange under the symbol \u201cBRF.PR.E\u201d.<\/p><\/blockquote>\n<p>BRF.PR.E is a Straight Perpetual, 5.00%, which <a href=\"http:\/\/prefblog.com\/?p=20988\">commenced trading 2013-1-29<\/a> after being <a href=\"http:\/\/www.prefblog.com\/?p=20920\">announced 2013-1-21<\/a>. It is tracked by HIMIPref&trade; but relegated to the Scraps index on credit concerns.<\/p>\n<p>BEP.PR.E is a Straight Perpetual, 5.59%, but there is a <a href=\"http:\/\/prefblog.com\/?p=31192\">tax wrinkle on the distributions<\/a>:<\/p>\n<blockquote><p>Management anticipates the 5 year average per unit Canadian dividend, ordinary income and return of capital will be 50%, 25%, and 25%, respectively, for the period between 2015 and 2020; however, no assurance can be provided this will occur.<\/p><\/blockquote>\n<p>The exchange offer was <a href=\"http:\/\/prefblog.com\/?p=31192\">initially announced in November, 2015<\/a>, <a href=\"http:\/\/prefblog.com\/?p=31722\">extended in December<\/a> with the <a href=\"http:\/\/prefblog.com\/?p=31744\">prospectus filed shortly thereafter<\/a> and <a href=\"http:\/\/prefblog.com\/?p=32092\">extended again in January<\/a> with the minimum tender condition waived.<\/p>\n<p>BEP.PR.E will be tracked by HIMIPref&trade; but relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Brookfield Renewable Energy Partners L.P. has announced: that as of 5:00 p.m. (Toronto Time) on February 8, 2016, a total of 2,885,496 Class A Preference Shares, Series 5 of Brookfield Renewable Power Preferred Equity Inc. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,26],"tags":[],"class_list":["post-32328","post","type-post","status-publish","format-standard","hentry","category-issue-comments","category-return-of-capital"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32328"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/32328\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}