Brookfield Renewable Announces Reset Distribution Rate on Its Series 13 Preferred Units
BROOKFIELD, April 6, 2023 - Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN) has set the fixed distribution rate for its Class A Preferred Limited Partnership Units, Series 13 for the period from May 1, 2023, to April 30, 2028. The quarterly distributions will be 6.05%, equating to $0.378125 per unit per quarter. Holders can opt to convert Series 13 Units into Series 14 Units by April 17, 2023. If declared, Series 14 will feature floating rates based on the three-month Government of Canada treasury bills. There are 10 million Series 13 Units currently outstanding, and reclassification will occur if the number falls below one million. The Toronto Stock Exchange has conditionally approved the listing of Series 14 Units, trading under the symbol 'BEP.PR.N'. Brookfield Renewable operates globally across renewable energy sectors, managing approximately 25,400 megawatts of installed capacity.
- Fixed distribution rate of 6.05% for Series 13 Units enhances investor confidence.
- Conditional approval from TSX for listing Series 14 Units indicates positive market reception.
- Automatic reclassification of Series 13 Units may dilute existing holdings if majority are converted.
All amounts in Canadian dollars unless otherwise stated
BROOKFIELD, News, April 06, 2023 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (“Brookfield Renewable”) (NYSE: BEP; TSX: BEP.UN) today announced that it has determined the fixed distribution rate on its Class A Preferred Limited Partnership Units, Series 13 (“Series 13 Units”) (TSX: BEP.PR.M) for the five years commencing May 1, 2023 and ending April 30, 2028.
Series 13 Units and Series 14 Units
If declared, the fixed quarterly distributions on the Series 13 Units during the five years commencing May 1, 2023 will be paid at an annual rate of
Holders of Series 13 Units have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on April 17, 2023, to reclassify all or part of their Series 13 Units, on a one-for-one basis, into Class A Preferred Limited Partnership Units, Series 14 (“Series 14 Units”), effective April 30, 2023.
The quarterly floating rate distributions on the Series 14 Units will be paid at an annual rate, calculated for each quarter, of
Holders of Series 13 Units are not required to elect to reclassify all or any part of their Series 13 Units into Series 14 Units.
As provided in the unit conditions of the Series 13 Units, (i) if Brookfield Renewable determines that there would be fewer than 1,000,000 Series 13 Units outstanding after April 30, 2023, all remaining Series 13 Units will be automatically reclassified into Series 14 Units on a one-for-one basis effective April 30, 2023; or (ii) if Brookfield Renewable determines that there would be fewer than 1,000,000 Series 14 Units outstanding after April 30, 2023, no Series 13 Units will be reclassified into Series 14 Units. There are currently 10,000,000 Series 13 Units outstanding.
The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 14 Units effective upon reclassification. Listing of the Series 14 Units is subject to Brookfield Renewable fulfilling all the listing requirements of the TSX and, upon approval, the Series 14 Units will be listed on the TSX under the trading symbol “BEP.PR.N”.
Brookfield Renewable
Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Our diversified portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable technology solutions across five continents. Our installed capacity totals approximately 25,400 megawatts and a development pipeline of approximately 110,000 megawatts of renewable power assets, 8 million metric tonnes per annum (“MMTPA”) of carbon capture and storage, 2 million tons per annum of recycled materials capacity and 3 million metric million British thermal units (“MMBtu”) annual capacity of renewable natural gas projects. Investors can access our portfolio either through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation.
Brookfield Renewable is the flagship listed renewable and transition company of Brookfield Asset Management, a leading global alternative asset manager with approximately US
| Contact information: | |
| Media: | Investors: |
| Simon Maine | Alex Jackson |
| +44 7398 909 278 | + (416) 649-8172 |
| simon.maine@brookfield.com | alexander.jackson@brookfield.com |
FAQ
What is the fixed distribution rate for Brookfield Renewable's Series 13 Units?
When can holders convert Series 13 Units to Series 14 Units?
What will be the distribution rate for Series 14 Units?
What happens if there are fewer than 1,000,000 Series 13 Units outstanding?
What is the trading symbol for Series 14 Units on the TSX?
