{"id":43232,"date":"2022-04-05T20:37:20","date_gmt":"2022-04-06T01:37:20","guid":{"rendered":"https:\/\/prefblog.com\/?p=43232"},"modified":"2022-04-05T20:37:20","modified_gmt":"2022-04-06T01:37:20","slug":"bep-pr-k-potential-redemption","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=43232","title":{"rendered":"BEP.PR.K : “Potential Redemption”"},"content":{"rendered":"

In connection with its announcement of a new issue of 5.50% Straight Perpetuals<\/a>, Brookfield Renewable Partners L.P. has announced<\/a> (emphasis added):<\/p>\n

Brookfield Renewable intends to use the net proceeds from this offering to finance and\/or refinance investments made in renewable power generation assets or businesses and to support the development of clean energy technologies that constitute Eligible Investments, including the potential redemption of all or a portion of the Partnership\u2019s Class A Preferred Limited Partnership Units, Series 11 on April 30, 2022.<\/b><\/p><\/blockquote>\n

BEP.PR.K is a FixedReset, 5.00%+382M500, that commenced trading 2017-2-14<\/a> after being announced 2017-2-7<\/a>. Note that distributions on this security have been a mix of ordinary income and return of capital. It has been tracked by HIMIPref\u2122 but relegated to the Scraps subindex on credit concerns.<\/p>\n

Note that this is a ‘Potential Redemption’ only. Redemptions only become offical when a formal notice of redemption is issued<\/a>.<\/p>\n

Update, 2022-4-5-11:50pm<\/b>: The company has announced<\/a> (at 8:14pm, according to SEDAR<\/a>):<\/p>\n

that it intends to redeem all of its outstanding Class A Preferred Limited Partnership Units, Series 11 (the \u201cSeries 11 Preferred Units\u201d) (TSX: BEP.PR.K) for cash on April 30, 2022. The redemption price for each Series 11 Preferred Unit will be C$25.00. Holders of Series 11 Preferred Units of record as of April 14, 2022 will receive the previously declared final quarterly distribution of C$0.3125 per Series 11 Preferred Unit.<\/p><\/blockquote>\n

I will leave it to the lawyers to argue about the meaning of “intends” as opposed to “potential”.<\/p>\n","protected":false},"excerpt":{"rendered":"

In connection with its announcement of a new issue of 5.50% Straight Perpetuals, Brookfield Renewable Partners L.P. has announced (emphasis added): Brookfield Renewable intends to use the net proceeds from this offering to finance and\/or …<\/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-43232","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43232","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=43232"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/43232\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}