{"id":46580,"date":"2024-03-25T18:59:01","date_gmt":"2024-03-25T23:59:01","guid":{"rendered":"https:\/\/prefblog.com\/?p=46580"},"modified":"2024-03-25T18:59:01","modified_gmt":"2024-03-25T23:59:01","slug":"bep-pr-o-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=46580","title":{"rendered":"BEP.PR.O To Be Redeemed"},"content":{"rendered":"

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

the closing of the issuance of a series of $150 million of fixed rate green perpetual subordinated notes (the \u201csub notes\u201d), which upon settling of a concurrently executed Canadian dollar swap have an effective coupon rate of 6.78%. The sub notes, which have a coupon of 7.25%, will be listed on the New York Stock Exchange under the symbol \u201cBEPJ\u201d and have the same accounting and rating treatment as our Preferred Limited Partnership (\u201cLP\u201d) Units.<\/p>\n

The sub notes will represent Brookfield Renewable\u2019s thirteenth green labelled corporate securities issuance and the second issuance under Brookfield Renewable\u2019s 2024 Green Financing Framework. Brookfield Renewable will use the net proceeds from the sale of the sub notes to finance or refinance eligible investments under Brookfield Renewable\u2019s 2024 Green Financing Framework, including the redemption of its Class A Preferred LP Units, Series 15 (the \u201cSeries 15 Preferred Units\u201d), which were scheduled to reset in April at approximately 70 basis points higher than the newly issued sub notes.<\/b><\/p>\n

Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering.<\/p><\/blockquote>\n

BEP.PR.O was issued as a FixedReset 5.75%+394M575 that commenced trading 2019-3-11<\/a> after being announced 2019-03-04<\/a>. It has been tracked by HIMIPref™ but relegated to the Scraps – FixedReset (Discount) subindex on credit concerns.<\/p>\n

Thanks to Assiduous Reader IrateAR<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Brookfield Renewable Partners L.P. has announced (emphasis added): the closing of the issuance of a series of $150 million of fixed rate green perpetual subordinated notes (the \u201csub notes\u201d), which upon settling of a concurrently …<\/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-46580","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46580","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=46580"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/46580\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}