Brookfield Renewable eyes USD 418m gross from 2 deals

Brookfield Renewable Partners LP (NYSE:BEP) on Tuesday unveiled plans for an equity offering and private placement in Canada, seeking to raise at least CAD 550 million (USD 418m/EUR 369m) in gross proceeds.

The company, which has over 10 GW of hydro and wind in its portfolio, intends to use the funds from the two deals to repay debt and support general corporate needs, including new investments.

Brookfield Renewable has agreed to issue 8.3 million limited partnership (LP) units at CAD 42.15 apiece, on a bought deal basis, to a group of underwriters co-led by Scotia Capital Inc, TD Securities Inc, CIBC Capital Markets, Barclays Capital Canada Inc and Deutsche Bank Securities Inc. The gross proceeds from the deal will be CAD 350 million.

Underwriters of the sale were granted a 30-day option to buy roughly 1.25 million additional units to cover over-allotments.

Additionally, Brookfield Renewable will sell 4.94 million LP units to Brookfield Asset Management Inc (TSE:BAM.A) and some of its related entities at the same price. Following the offering, Brookfield Asset Management will hold a stake of about 60% in Brookfield Renewable.

The two transactions are expected to be completed on or about July 6.

(CAD 1.0 = USD 0.760/EUR 0.670)

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