By James McCandless
San Antonio, Feb. 19 – Brookfield Renewable Partners LP priced a $200 million offering of $25-par series 17 class A preferred limited partnership units (BBB-//DBRS: BBB (low)) at par with a dividend of 5.25%, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
The deal was announced on Wednesday morning.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC are the joint bookrunners.
Dividends are payable on the last day of January, April, July and October, starting on July 31, 2020.
The preferreds are redeemable on or after March 31, 2025 at par. Prior to that, the preferreds are redeemable within 60 days after a tax event at par and within 120 days after a ratings event at $25.50.
Brookfield Renewable plans to use the proceeds to finance and/or refinance investments made in renewable power generation assets or businesses, and to support the development of clean energy technologies.
The company plans to list the preferreds on the New York Stock Exchange under the symbol “BEPPrA.”
Brookfield Renewable is a Toronto-based diversified utilities company.
| Issuer: | Brookfield Renewable Partners LP
|
| Description: | Series 17 class A preferred limited partnership units
|
| Amount: | $200 million, or 8 million shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC
|
| Co-manager: | TD Securities (USA) LLC
|
| Dividend: | 5.25%
|
| Price: | Par of $25.00
|
| Yield: | 5.25%
|
| Call: | On or after March 31, 2025 at par; prior to that, within 60 days after a tax event at par and within 120 days after a ratings event at $25.50
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 24
|
| Ratings: | S&P: BBB-
|
| DBRS: BBB (low)
|
| Distribution: | SEC registered
|
| Listing: | NYSE: BEPPrA
|
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