Oct 11, 2012 - Canadian Brookfield Renewable Energy Partners LP (TSE:BEP.UN) today said it had completed its previously announced preferred share offering, raising CAD 250 million (USD 256m/EUR 198m) in gross proceeds.
The firm sold 10 million Class A preference shares, series 3, including the full exercise of the over-allotment option of 2 million shares, at CAD 25 apiece. It plans to use the funds to repay outstanding debt as well as for general corporate purposes.
The deal was underwritten by a syndicate led by TD Securities Inc, Canadian Imperial Bank of Commerce (TSE:CM), or CIBC, RBC Capital Markets and Scotiabank (TSE:BNS).
The shares were issued by a subsidiary of Brookfield Renewable and are guaranteed by the partnership. The investors will get fixed cumulative dividends yielding 4.4% annually at the issue price for an initial period to July 31, 2019. The dividend rate will then be reset each five years at 2.94% above the five-year Government of Canada bond yield.
(CAD 1.0 = USD 1.023/EUR 0.791)
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