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Brookfield affiliate amends, extends tender for White Pine Hydro notes
By Susanna Moon
Chicago, Feb. 14 - BIF II US Renewable LLC, an affiliate of Brookfield Renewable Energy Partners, said it amended the tender offer for three series of White Pine Hydro, LLC notes.
The company is tendering for the $290 million of 6.31% series A notes due 2017, the $35 million of 6.61% series B notes due 2027 and the $250 million of 6.96% series C notes due 2037.
Holders may now tender their notes by 5 p.m. ET on Feb. 22 to receive the early tender payment. The early tender deadline was extended from 5 p.m. ET on Feb. 15.
The total purchase price will be $1,025 per $1,000 principal amount, up from $1,010 per $1,000 principal amount.
As noted before, the payouts include a $10.00 early payment for those who tender by the early tender deadline.
Holders will also receive accrued interest.
More offer changes
Under the amended offer terms, the company is offering to pay an additional amount equal to 45 days of interest on each series of notes, according to a press release.
The company also will pay an additional amount within 12 months of settlement if it or any of its affiliates repays, purchases, makes a subsequent tender offer for or redeems any series of the notes for an amount in excess of the total payment as supplemented for each $1,000 principal amount of notes plus accrued interest, the release noted.
The tender offer will end at 11:59 p.m. ET on March 1 with settlement slated for March 6. The offer began on Jan. 31.
As noted before, the offer is in connection with BIF's proposed acquisition of White Pine Hydro, and the company is soliciting consents to amend the note indenture.
The tender agent and information agent is D.F. King & Co., Inc. (800 758-5378).
Juno Beach, Fla.-based White Pine Hydro operates as a subsidiary of energy company NextEra Energy Resources, LLC.
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