Chicago, March 21 – Brookfield BRP Holdings (Canada) Inc. priced $150 million of 7.25% perpetual subordinated notes (BBB-/BBB-/DBRS: BBBL) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Brookfield Renewable Partners LP and Brookfield Renewable Energy LP, BRP Bermuda Holdings I Ltd., Brookfield BRP Europe Holdings (Bermuda) Ltd., Brookfield Renewable Investments Ltd. and BEP Subco Inc.
The $25-par notes priced at par.
Interest may be deferred, but must be paid before dividends on common or preferred shares.
The first call date is March 25, 2029 when the notes may be redeemed at par, and thereafter.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are the joint bookrunners.
Proceeds will be used to finance or refinance investments made in renewable power generation assets or businesses to support the development of clean energy technologies, including the potential redemption of the partnership’s series 15 preferred units, which are redeemable on or after April 30.
The company will apply to list the notes on the New York Stock Exchange.
Based in Toronto, Brookfield Renewable owns and operates power assets. Its registered office is in Hamilton, Bermuda.
| Issuer: | Brookfield BRP Holdings (Canada) Inc.
|
| Guarantors: | Brookfield Renewable Partners LP, Brookfield Renewable Energy LP, BRP Bermuda Holdings I Ltd., Brookfield BRP Europe Holdings (Bermuda) Ltd., Brookfield Renewable Investments Ltd. and BEP Subco Inc.
|
| Amount: | $150 million
|
| Issue: | Subordinated notes
|
| Maturity: | Perpetual
|
| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
|
| Co-managers: | Mizuho Securities USA LLC, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Counsel to issuer: | Torys LLP
|
| Counsel to underwriters: | Milbank LLP, Goodmans LLP
|
| Coupon: | 7.25%
|
| Price: | Par of $25.00
|
| Yield: | 7.25%
|
| Call features: | Any time starting March 25, 2029
|
| Trade date: | March 21
|
| Settlement date: | March 25
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| DBRS: BBB (low)
|
| Distribution: | SEC registered
|
| Cusip: | 11259P307
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
