Brookfield begins change-of-control offer for White Pine's 7.26% notes

By Susanna Moon

Chicago, April 5 - BIF II US Renewable LLC, an affiliate of Brookfield Renewable Energy Partners, said it began a cash change-of-control offer for the $125 million of outstanding 7.26% notes due 2015 issued by White Pine Hydro Investments, LLC.

The company will pay $1,010 for each $1,000 principal amount of notes tendered by the end of the offer at 5 p.m. ET on May 3, according to a press release by Brookfield Renewable Energy.

Holders also will receive accrued interest to the settlement date of May 8.

The offer is being made in connection with the acquisition of White Pine Hydro Investments, LLC by a subsidiary of the Brookfield, which occurred on March 1 and constituted a change of control under the note terms.

D.F. King & Co., Inc. (800 758-5378) is the paying agent and depositary.

Juno Beach, Fla.-based White Pine Hydro operates as a subsidiary of energy company NextEra Energy Resources, LLC.

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