By Cristal Cody
Prospect News, Oct. 7 - Brookfield Renewable Power Inc. sold C$450 million of 5.14% series 7 medium-term notes due Oct. 13, 2020 on Thursday to yield 235 basis points over the Canadian benchmark bond, said company spokesman Zev Korman.
The notes (/BBB/BBB) priced at 99.961 to yield 5.145%.
The securities were not offered in the United States.
CIBC World Markets Inc. and Scotia Capital Inc. were the lead bookrunners. Co-managers of the deal were RBC Dominion Securities Inc.; TD Securities Inc.; BMO Nesbitt Burns Inc.; National Bank Financial Inc. and HSBC Securities (Canada) Inc.
Proceeds will be used to redeem the 8.75% series 5 medium-term notes due Feb. 3, 2012 and for general corporate purposes.
Toronto-based Brookfield Renewable Power, wholly owned by Brookfield Asset Management Inc., owns, operates and develops hydroelectric power facilities in Canada, the United States and Brazil.
Brookfield Asset Management, focused on property, power and infrastructure assets, has more than $100 billion of assets under management.
| Issuer: | Brookfield Renewable Power Inc.
|
| Issue: | Series 7 medium-term notes
|
| Amount: | C$450 million
|
| Maturity: | Oct. 13, 2020
|
| Bookrunners: | CIBC World Markets Inc. and Scotia Capital Inc. (lead)
|
| Co-managers: | RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc.
|
| Coupon: | 5.14%
|
| Price: | 99.961
|
| Yield: | 5.145%
|
| Spread: | 235 bps over Canada benchmark
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 13
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
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