New Issue: BRF Straight Perpetual, 5.00%

Brookfield Renewable Energy Partners has announced:

that it has agreed to issue 4,000,000 5% perpetual Class A Preferred Shares, Series 5 (“Preferred Shares”) on a bought deal basis to a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotiabank and TD Securities Inc. for distribution to the public. The Preferred Shares will be issued at a price of CDN$25.00 per share, for aggregate gross proceeds of CDN$100,000,000. The Preferred Shares are being issued through a wholly-owned subsidiary of, and are guaranteed by, Brookfield Renewable.

Brookfield Renewable has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 2,000,000 Preferred Shares which, if exercised, would increase the gross offering size to CDN$150,000,000.

The Preferred Shares will be offered to the public in Canada pursuant to a supplement to Brookfield Renewable’s existing short form base shelf prospectus dated January 23, 2012, that will be filed with securities regulatory authorities in each of the provinces and territories of Canada. The Preferred Shares may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act.

The net proceeds of the issue will be used to repay outstanding indebtedness and for general corporate purposes. The offering of Preferred Shares is expected to close on or about January 29, 2013.

Provisionally rated Pfd-3(high) by DBRS.

Update, 2013-1-23: Upsized to $175-million:

Brookfield Renewable Energy Partners (“Brookfield Renewable”) today announced that as a result of strong investor demand for its previously announced offering it has agreed to increase the size of the offering to 7,000,000 5% perpetual Class A Preferred Shares, Series 5 (“Preferred Shares”). The Preferred Shares are being offered on a bought deal basis to a syndicate of underwriters led by RBC Capital Markets, CIBC, Scotiabank and TD Securities Inc. for distribution to the public. The Preferred Shares will be issued at a price of CDN$25.00 per share, for aggregate gross proceeds of CDN$175,000,000. The Preferred Shares are being issued through a wholly-owned subsidiary of, and are guaranteed by, Brookfield Renewable. There will not be an underwriters’ option as was previously granted.

One Response to “New Issue: BRF Straight Perpetual, 5.00%”

  1. […] is a Straight Perpetual, 5.00%, announced January 21. It has been rated Pfd-3(high) by […]

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