Brookfield Renewable Partners L.P. today announced that it has agreed to issue CDN$350 million aggregate principal amount of medium-term notes, comprised of CDN$175 million aggregate principal amount of Series 11 Notes, due January 2029, with an effective interest rate1 of 3.57% and CDN$175 million aggregate principal amount of Series 12 Notes, due January 2030, with an effective interest rate1 of 3.62%.
The Additional Notes will be issued as a re-opening on identical terms, other than issue date and the price to the public, to the CDN$350 million principal amount of 4.25% Series 11 Notes, and the CDN$350 million principal amount of 3.38% Series 12 Notes, that were issued in September 2018 and 2019, respectively.
The Series 11 and 12 Notes will be issued at a price of CDN$104.940 and CDN$98.042, respectively, plus accrued interest. Brookfield Renewable Partners ULC, a subsidiary of Brookfield Renewable, will be the issuer of the Additional Notes, which will be fully and unconditionally guaranteed by Brookfield Renewable and certain of its key holding subsidiaries.
The Additional Notes will be issued pursuant to a base shelf prospectus dated July 17, 2019 and a related prospectus supplement and pricing supplements to be dated April 1, 2020. The issue is expected to close on or about April 3, 2020 subject to customary closing conditions.
Brookfield Renewable intends to use the net proceeds from the sale of the Additional Notes to repay indebtedness incurred by Brookfield Renewable to fund Eligible Investments as defined in the Brookfield Renewable Green Bond and Preferred Securities Framework dated February 2020. The Green Bond and Preferred Securities Framework is available on Brookfield Renewable’s website.
The Additional Notes have been rated BBB+ by Standard & Poor’s Rating Services and BBB (high) with a stable trend by DBRS Limited.
The Additional Notes are being offered through a syndicate of agents led by CIBC World Markets Inc., BMO Nesbitt Burns Inc. and Scotia Capital Inc., RBC Dominion Securities Inc., TD Securities Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc. and Mizuho Securities Canada Inc.
Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms.
Our portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 19,000 megawatts of installed capacity and an approximately 13,000 megawatt development pipeline.
Brookfield Renewable’s limited partnership units are listed on the New York and Toronto stock exchanges. Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over $540 billion of assets under management.
Source GlobeNewswire