{"id":47021,"date":"2024-07-02T20:42:57","date_gmt":"2024-07-03T01:42:57","guid":{"rendered":"https:\/\/prefblog.com\/?p=47021"},"modified":"2024-07-02T20:42:57","modified_gmt":"2024-07-03T01:42:57","slug":"brf-pr-c-to-reset-at-6-519","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47021","title":{"rendered":"BRF.PR.C To Reset At 6.519%"},"content":{"rendered":"

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

that Brookfield Renewable Power Preferred Equity Inc. (\u201cBRP Equity\u201d) has determined the fixed dividend rate on its Class A Preference Shares, Series 3 (\u201cSeries 3 Shares\u201d) (TSX: BRF.PR.C) for the five years commencing August 1, 2024 and ending July 31, 2029.<\/p>\n

Series 3 Shares and Series 4 Shares<\/p>\n

If declared, the fixed quarterly dividends on the Series 3 Shares during the five years commencing August 1, 2024 will be paid at an annual rate of 6.519% ($0.4074375 per share per quarter).<\/p>\n

Holders of Series 3 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on July 16, 2024, to convert all or part of their Series 3 Shares, on a one-for-one basis, into Class A Preference Shares, Series 4 (the \u201cSeries 4 Shares\u201d), effective July 31, 2024.<\/p>\n

The quarterly floating rate dividends on the Series 4 Shares will be paid at an annual rate, calculated for each quarter, of 2.940% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend in respect of the August 1, 2024 to October 31, 2024 dividend period for the Series 4 Shares, if declared, will be $0.478840 per share, payable on October 31, 2024.<\/p>\n

Holders of Series 3 Shares are not required to elect to convert all or any part of their Series 3 Shares into Series 4 Shares.<\/p>\n

As provided in the share conditions of the Series 3 Shares, (i) if BRP Equity determines that there would be fewer than 1,000,000 Series 3 Shares outstanding after July 31, 2024, all remaining Series 3 Shares will be automatically converted into Series 4 Shares on a one-for-one basis effective July 31, 2024; and (ii) if BRP Equity determines that there would be fewer than 1,000,000 Series 4 Shares outstanding after July 31, 2024, no Series 3 Shares will be permitted to be converted into Series 4 Shares. There are currently 10,000,000 Series 3 Shares outstanding.<\/p>\n

The Toronto Stock Exchange (\u201cTSX\u201d) has conditionally approved the listing of the Series 4 Shares effective upon conversion. Listing of the Series 4 Shares is subject to BRP Equity fulfilling all the listing requirements of the TSX and, upon approval, the Series 4 Shares will be listed on the TSX under the trading symbol \u201cBRF.PR.D\u201d.<\/p><\/blockquote>\n

BRF.PR.C was issued as a FixedReset, 4.40%+294, that commenced trading 2010-10-11<\/a> after being announced 2010-10-1<\/a>. The issue reset at 4.351%<\/a> effective 2019-8-1. I recommended against conversion<\/a> and there was no conversion<\/a>. The issue has been tracked by HIMIPref™, but assigned to the Scraps – FixedReset (Discount) subindex on credit concerns.<\/p>\n

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

Brookfield Renewable Partners L.P. has announced: that Brookfield Renewable Power Preferred Equity Inc. (\u201cBRP Equity\u201d) has determined the fixed dividend rate on its Class A Preference Shares, Series 3 (\u201cSeries 3 Shares\u201d) (TSX: BRF.PR.C) for …<\/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-47021","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47021","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=47021"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47021\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}