Published on 12/7/2021 in the Prospect News Agency Daily, Prospect News Canadian Bonds Daily, Prospect News Green Finance Daily, Prospect News Investment Grade Daily and Prospect News Preferred Stock Daily.
New Issue: Brookfield prices $260 million 4.875% $25-par perpetual subordinated notes at par
By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Brookfield BRP Holdings (Canada) Inc. priced $260 million of 4.875% $25-par perpetual subordinated notes (/BBB-/BBB-/DBRS: BBB(low)) guaranteed by Brookfield Renewable Partners LP at par on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
Other guarantors include Brookfield Renewable Energy LP, BRP Bermuda Holdings I Ltd., Brookfield BRP Europe Holdings (Bermuda) Ltd., Brookfield Renewable Investments Ltd. and BEP Subco Inc.
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.
The notes will be callable in whole or in part at par at any time beginning Dec. 9, 2026.
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.
Based in Toronto, Brookfield Renewable owns and operates power assets. Its registered office is in Hamilton, Bermuda.
| Issuer: | Brookfield BRP Holdings (Canada) Inc.
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| 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.
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| Amount: | $260 million
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| Issue: | Perpetual subordinated notes
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| Maturity: | Perpetual
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| Bookrunners: | Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
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| Co-managers: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Santander Investment Securities Inc. and SG Americas Securities, LLC
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| Coupon: | 4.875%
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| Price: | Par
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| Yield: | 4.875%
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| Call option: | In whole or in part at par at any time beginning Dec. 9, 2026
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| Trade date: | Dec. 7
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| Settlement date: | Dec. 9
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| Ratings: | S&P: BBB-
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| Fitch: BBB-
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| DBRS: BBB (low)
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| Cusip: | 11259P208
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