Corporate ActionJun 2, 2026, 05:17 PM
Brookfield Renewable to Issue C$150M Series 19 Preferred Units
AI Summary
Brookfield Renewable Partners L.P. announced an agreement to issue 6,000,000 5.75% Cumulative Minimum Rate Reset Class A Preferred Limited Partnership Units, Series 19, on a bought deal basis. The units are priced at C$25.00 each, resulting in gross proceeds of C$150,000,000. The initial distribution rate is 5.75% annually until July 31, 2031, with subsequent resets every five years. The company intends to use the net proceeds to fund Eligible Investments as defined in its Green Financing Framework.
Key Highlights
- Brookfield Renewable to issue 6,000,000 Series 19 Preferred Units.
- Units priced at C$25.00 each, generating gross proceeds of C$150,000,000.
- Initial cumulative quarterly fixed distribution yields 5.75% annually until July 31, 2031.
- Distribution rate resets every five years, equal to the greater of 5-year Government of Canada bond yield + 2.65% or 5.75%.
- Holders have option to reclassify to Series 20 Floating Rate Preferred Units on reset dates.
- Underwriters granted option to purchase up to an additional 2,000,000 units, potentially increasing offering to C$200,000,000.
- Net proceeds will fund Eligible Investments under Brookfield Renewable's 2024 Green Financing Framework.
- Offering expected to close on or about June 9, 2026.
Price Impact
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