Brookfield Renewable announces concurrent equity offerings on bought deal basis

Brookfield Renewable Partners (BEP) and Brookfield Renewable Corporation (BEPC) announced concurrent equity offerings for aggregate gross proceeds of $500M on a bought deal basis by a syndicate of underwriters co-led by Scotiabank, BMO Capital Markets, TD Securities, CIBC Capital Markets, and RBC Capital Markets. The offerings will be comprised of a combination of limited partnership units of the Partnership and class A exchangeable subordinate voting shares of BEPC in amounts determined by the underwriters. The LP units are offered at a price of $30.35 per LP unit, and the exchangeable shares are offered at a price of $33.80 per exchangeable share. The number of exchangeable shares and LP units to be issued in the offerings will be determined and announced on June 13. Concurrently, one or more subsidiaries of Brookfield Reinsurance (BNRE) will purchase $150M in the aggregate of either (i) LP units at the LP unit offering price and/or (ii) exchangeable shares at the exchangeable share offering price. The aggregate gross proceeds of the offerings, the concurrent unit private placement and the concurrent exchangeable share private placement will be approximately $650M. The offerings, the concurrent unit private placement and the concurrent exchangeable share private placement are expected to close on or about June 16.