Brookfield Renewable to Issue C$400 Million of Green Bonds

Rhea-AI Summary

Brookfield Renewable Partners announced the issuance of C$400 million in medium-term notes, Series 15, due November 9, 2032, with a 5.88% annual interest rate. The notes, fully guaranteed by Brookfield Renewable, aim to refinance existing debt for Eligible Investments. This marks Brookfield's sixth corporate-level green bond in Canada, with a closing expected on November 9, 2022. The notes received ratings of BBB+ from S&P, BBB (high) from DBRS, and BBB+ from Fitch. The offering is led by major financial institutions including BMO and CIBC.

Positive

• Successful issuance of C$400 million medium-term notes with a 5.88% interest rate.
• Proceeds to be used for refinancing debt related to Eligible Investments, potentially enhancing financial stability.
• Received favorable ratings: BBB+ from S&P and Fitch, and BBB (high) from DBRS.

Negative

• None.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES

BROOKFIELD, News, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable”) today announced that it has agreed to issue C$400 million aggregate principal amount of medium-term notes, Series 15, due November 9, 2032, which will bear interest at a rate of 5.88% per annum, payable semi-annually (the “Notes”). Brookfield Renewable Partners ULC (“Finco”), a subsidiary of Brookfield Renewable, will be the issuer of the Notes, which will be fully and unconditionally guaranteed by Brookfield Renewable and certain of its key holding subsidiaries.

The Notes will be issued pursuant to a base shelf prospectus dated August 20, 2021 and a related prospectus supplement and pricing supplement to be dated November 7, 2022. The issue is expected to close on or about November 9, 2022 subject to customary closing conditions.

The Notes will represent Brookfield Renewable’s sixth corporate-level green bond in Canada. Brookfield Renewable intends to use the net proceeds from the sale of the Notes to repay indebtedness incurred by Brookfield Renewable to fund Eligible Investments (as defined in Brookfield Renewable’s Green Bond and Preferred Securities Framework dated February 2020). The Green Bond and Preferred Securities Framework is available on Brookfield Renewable’s website and described in the prospectus supplement in respect of the offering.

The Notes have been rated BBB+ by S&P Global Ratings, BBB (high) with a stable trend by DBRS Limited and BBB+ by Fitch Ratings.

The Notes are being offered through a syndicate of agents led by BMO Capital Markets, CIBC Capital Markets and Scotiabank, and including National Bank Financial Markets, RBC Capital Markets, TD Securities, HSBC, Desjardins, Mizuho Securities, MUFG, SMBC Nikko, iA Private Wealth Inc. and Sera Global.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The offer and sale of the securities has not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Brookfield Renewable

Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities in North America, South America, Europe and Asia, and totals approximately 24,000 megawatts of installed capacity and an over 100,000-megawatt and 8 million metric tons per annum (“MMTPA”) of carbon capture and storage development pipeline. Investors can access its 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. Further information is available at https://bep.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with over US$750 billion of assets under management.

Contact information:
Media:	Investors:
Simon Maine	Cara Silverman
Managing Director – Communications	Director - Investor Relations
+44 (0)7398 909 278	(416) 649-8172
simon.maine@brookfield.com	cara.silverman@brookfield.com

Cautionary Statement Regarding Forward-looking Information

Note: This news release contains forward-looking statements and information within the meaning of Canadian securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Forward-looking statements can be identified by the use of words such as “will”, “expected”, “intend”, or variations of such words and phrases. Forward-looking statements in this news release include statements regarding the closing, the terms and the use of proceeds of the offering of Notes. Although Brookfield Renewable believes that such forward-looking statements and information are based upon reasonable assumptions and expectations, no assurance is given that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield Renewable to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Except as required by law, Brookfield Renewable does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether written or oral, whether as a result of new information, future events or otherwise.

FAQ

What is the interest rate on the new medium-term notes issued by Brookfield Renewable Partners?

The medium-term notes, Series 15, issued by Brookfield Renewable Partners bear an interest rate of 5.88% per annum.

When is the closing date for the issuance of Brookfield Renewable's new notes?

The closing date for the issuance is expected to be on or about November 9, 2022.

What will the proceeds from the new notes issuance be used for?

The proceeds from the issuance will be used to repay indebtedness incurred to fund Eligible Investments.

What ratings did the new medium-term notes receive?

The notes received a BBB+ rating from S&P Global Ratings and Fitch, and a BBB (high) rating from DBRS Limited.

Who leads the syndicate for the new notes issuance by Brookfield Renewable?

The syndicate is led by BMO Capital Markets, CIBC Capital Markets, and Scotiabank.