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Brookfield greenshoe ups 5.5% rate-reset preferreds to C$175 million
By Susanna Moon
Chicago, Nov. 19 – Brookfield Renewable Energy Partners LP said underwriters fully exercised the over-allotment option for another 2 million of class A preferred shares with an initial dividend of 5.5%.
This brings the total deal size to C$175 million, according to a company announcement.
In the end, the company sold 7 million shares of the series 7 preferreds at C$25.00 per share.
Brookfield said on Nov. 18 that it issued C$125 million of the preferreds with a 5.5% annual dividend for the initial period ending Jan. 31, 2021.
TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank are the lead managers.
The dividend rate will reset every five years at a rate equal to the greater of 447 basis points and the five-year Government of Canada bond yield plus 550 bps.
Proceeds from the deal will be used to repay debt and for general corporate purposes.
Hamilton, Bermuda-based Brookfield is a renewable power company.
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