Transaction|October 11, 2012
Brookfield Renewable completes C$250 million offering of preferred shares
Torys acted as counsel to Brookfield Renewable with a team that included Rima Ramchandani, Jamie Becker and Steven Slavens (corporate/securities) and Richard Johnson (tax).
On October 11, 2012, Brookfield Renewable Energy Partners (Brookfield Renewable) completed its offering of 10,000,000 Class A Preference Shares, Series 3 (the Series 3 Shares), (including 2,000,000 Series 3 Shares sold pursuant to an underwriters' option that was exercised in full prior to closing), at a price of C$25.00 per Series 3 Share, for total gross proceeds of C$250 million. The offering was underwritten by a syndicate led by TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank.
A subsidiary of Brookfield Renewable issued the Series 3 Shares, which are guaranteed by Brookfield Renewable. Holders of the Series 3 Shares will be entitled to receive fixed cumulative dividends yielding 4.4% at the issue price annually and payable quarterly for the initial period ending July 31, 2019. Thereafter, the dividend rate will be reset every five years at a rate equal to the then five-year Government of Canada bond yield plus 2.94%.
Brookfield Renewable intends to use the net proceeds of the issue of the Series 3 Shares to repay outstanding indebtedness and for general corporate purposes.
Brookfield Renewable Energy Partners operates one of the largest publicly-traded, pure-play renewable power platforms globally.
Further information can be found on Brookfield Renewable's website.
A subsidiary of Brookfield Renewable issued the Series 3 Shares, which are guaranteed by Brookfield Renewable. Holders of the Series 3 Shares will be entitled to receive fixed cumulative dividends yielding 4.4% at the issue price annually and payable quarterly for the initial period ending July 31, 2019. Thereafter, the dividend rate will be reset every five years at a rate equal to the then five-year Government of Canada bond yield plus 2.94%.
Brookfield Renewable intends to use the net proceeds of the issue of the Series 3 Shares to repay outstanding indebtedness and for general corporate purposes.
Brookfield Renewable Energy Partners operates one of the largest publicly-traded, pure-play renewable power platforms globally.
Further information can be found on Brookfield Renewable's website.