Brookfield Renewable Partners announces $550M offering




pcNewsWireBrookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) intends to close a bought deal of 8,304,000 L.P. units at CDN $42.15 per L.P. unit for gross proceeds of approximately CDN $350 million. The offering is conducted by a syndicate of underwriters, co-led by Scotia Capital Inc., TD Securities Inc., CIBC Capital Markets, Barclays Capital Canada Inc. and Deutsche Bank Securities Inc.

In addition, Brookfield Asset Management Inc. (NYSE/TSX/Euronext: BAM) and certain of its related entities (other than Brookfield Renewable) will purchase, directly or indirectly, 4,943,000 L.P. units of Brookfield Renewable at the offering price (net of underwriting commissions) concurrent with the offering. The aggregate gross proceeds of the offering and the concurrent private placement will be approximately C$550 million.

Brookfield’s interest in Brookfield Renewable after giving effect to the offering and concurrent private placement, but prior to the exercise of the options, will be approximately 60%.

News Release

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES
All amounts in Canadian dollars unless otherwise noted

BROOKFIELD RENEWABLE ANNOUNCES CDN$550 MILLION EQUITY OFFERING

BROOKFIELD, News, June 27, 2017 – Brookfield Renewable Partners L.P. (TSX: BEP.UN; NYSE: BEP) (“Brookfield Renewable”) today announced that it has agreed to issue 8,304,000 L.P. units, on a bought deal basis, to a syndicate of underwriters, co-led by Scotia Capital Inc., TD Securities Inc., CIBC Capital Markets, Barclays Capital Canada Inc. and Deutsche Bank Securities Inc. at a price of C$42.15 per L.P. unit (the “Offering Price”) for gross proceeds of approximately C$350 million (the “Offering”). In addition, Brookfield Asset Management Inc. (NYSE/TSX/Euronext: BAM) and certain of its related entities (other than Brookfield Renewable) (collectively, “Brookfield”) will purchase, directly or indirectly, 4,943,000 L.P. units of Brookfield Renewable at the Offering Price (net of underwriting commissions) concurrent with the Offering (the “Concurrent Private Placement”). Brookfield’s interest in Brookfield Renewable after giving effect to the Offering and Concurrent Private Placement, but prior to the exercise of the options noted below, will be approximately 60%. The aggregate gross proceeds of the Offering and the Concurrent Private Placement will be approximately C$550 million.

Brookfield Renewable has granted the underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following closing of the Offering, to purchase up to an additional 1,245,600 L.P. units at the Offering Price. Brookfield will also have the option to subscribe for additional L.P. units in proportion to the extent that the underwriters’ over-allotment option is exercised, up to a maximum of 741,450 additional L.P. units. If both of these options are exercised in full, the gross offering size would increase to approximately C$633 million.

Brookfield Renewable intends to use the net proceeds of the Offering and the Concurrent Private Placement to repay amounts outstanding under its credit facilities and for general corporate purposes, including to fund new investments that were previously announced. The Offering and the Concurrent Private Placement are expected to close on or about July 6, 2017.

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.

Offer Documents

The Offering is being made only in Canada by means of a prospectus supplement to Brookfield Renewable’s base shelf prospectus dated June 26, 2017. Brookfield Renewable will be filing a prospectus supplement relating to the Offering with securities regulatory authorities in Canada. You may obtain either of these documents, along with any document incorporated by reference therein, for free via SEDAR at www.sedar.com.

Brookfield Renewable Partners

Brookfield Renewable Partners operates one of the world’s largest publicly traded, pure-play renewable power platforms. Our portfolio consists of hydroelectric and wind facilities in North America, Latin America and Europe and totals more than 10,000 megawatts of installed capacity. Brookfield Renewable is listed on the New York and Toronto stock exchanges.

Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading global alternative asset manager with approximately US$250 billion of assets under management.

For more information, please contact:
Claire Holland
Tel: (416) 369-8236
Email: Claire.Holland@brookfield.com