UPDATE - Underwriters exercise option under USD-94m Brookfield offering
Brookfield Renewable Energy Partners LP (NYSE:BEP) said on Wednesday that the underwriters of its CAD-125-million (USD 94m/EUR 88m) preferred units issuance have exercised their option to increase the size of the offering.
The Canadian renewable energy firm yesterday announced plans to issue 5 million Class A, Series 7 preferred limited partnership units on a bought deal basis to a syndicate of underwriters for distribution to the public. The units are priced at CAD 25.00 apiece.
The underwriters, led by TD Securities Inc, CIBC, RBC Capital Markets and Scotiabank, have now made use of their right to buy up to an additional 2 million units at the same price for a further proceeds of CAD 50 million. Their decision was based on the strong investor interest towards the offering.
Brookfield intends to use the proceeds to pay back debt and for general corporate purposes. The offering is scheduled to close on or about November 25, 2015.