Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) intends to close a bought deal of 8,000,000 Cumulative Minimum Rate Reset Class A Preferred Limited Partnership Units, Series 11 at a price of $25.00 per unit, for gross proceeds of $200 million.
The offering is conducted through a syndicate of underwriters led by TD Securities Inc., CIBC Capital Markets, RBC Dominion Securities Inc. and Scotia Capital.
Torys LLP and Goodmans LLP act as legal counsel to Brookfield Renewable Partners and the underwriters respectively.
The offering of Series 11 Preferred Units is expected to close on or about February 14, 2017.
Brookfield Renewable has granted the underwriters an option, exercisable until 48 hours prior to closing, to purchase up to an additional 2,000,000 Series 11 Preferred Units which, if exercised, would increase the gross offering size to $250,000,000.
Brookfield Renewable intends to use the net proceeds of the issue of Series 11 Preferred Units to repay indebtedness and for general corporate purposes.
photo credit: Brookfield Renewable