{"id":41821,"date":"2021-01-06T23:52:13","date_gmt":"2021-01-07T04:52:13","guid":{"rendered":"http:\/\/prefblog.com\/?p=41821"},"modified":"2021-01-06T23:52:13","modified_gmt":"2021-01-07T04:52:13","slug":"bep-pr-g-to-reset-at-5-50-minimum-guaranteed-rate","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=41821","title":{"rendered":"BEP.PR.G To Reset at 5.50% (Minimum Guaranteed Rate)"},"content":{"rendered":"

Brookfield Renewable Partners L.P. has announced<\/a>:<\/p>\n

that it has determined the fixed distribution rate on its Class A Preferred Limited Partnership Units, Series 7 (\u201cSeries 7 Units\u201d) (TSX: BEP.PR.G) for the five years commencing February 1, 2021 and ending January 31, 2026.<\/p>\n

Series 7 Units and Series 8 Units<\/p>\n

If declared, the fixed quarterly distributions on the Series 7 Units during the five years commencing February 1, 2021 will be paid at an annual rate of 5.50% ($0.343750 per unit per quarter).<\/p>\n

Holders of Series 7 Units have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on January 18, 2021, to reclassify all or part of their Series 7 Units, on a one-for-one basis, into Class A Preferred Limited Partnership Units, Series 8 (\u201cSeries 8 Units\u201d), effective January 31, 2021.<\/p>\n

The quarterly floating rate distributions on the Series 8 Units will be paid at an annual rate, calculated for each quarter, of 4.47% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly distribution rate in respect of the February 1, 2021 to April 30, 2021 distribution period for the Series 8 Units will be 1.11799% (4.585% on an annualized basis) and the distribution, if declared, for such distribution period will be $0.279498 per unit, payable on April 30, 2021.<\/p>\n

Holders of Series 7 Units are not required to elect to reclassify all or any part of their Series 7 Units into Series 8 Units.<\/p>\n

As provided in the unit conditions of the Series 7 Units, (i) if Brookfield Renewable determines that there would be fewer than 1,000,000 Series 7 Units outstanding after January 31, 2021, all remaining Series 7 Units will be automatically reclassified into Series 8 Units on a one-for-one basis effective January 31, 2021; or (ii) if Brookfield Renewable determines that there would be fewer than 1,000,000 Series 8 Units outstanding after January 31, 2021, no Series 7 Units will be reclassified into Series 8 Units. There are currently 7,000,000 Series 7 Units outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series 8 Units effective upon reclassification. Listing of the Series 8 Units is subject to Brookfield Renewable fulfilling all the listing requirements of the TSX and, upon approval, the Series 8 Units will be listed on the TSX under the trading symbol \u201cBEP.PR.H\u201d.<\/p><\/blockquote>\n

BEP.PR.G was issued as a Preferred Units FixedReset 5.50%+447M550, that commenced trading 2015-11-25<\/a> after being announced 2015-11-17<\/a>. It must be remembered that the taxation status of the distributions is complex<\/a> and – what’s more – can vary wildly from year to year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Renewable Partners L.P. has announced: that it has determined the fixed distribution rate on its Class A Preferred Limited Partnership Units, Series 7 (\u201cSeries 7 Units\u201d) (TSX: BEP.PR.G) for the five years commencing February …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-41821","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41821","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=41821"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/41821\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}