Brookfield Renewable completes $800M equity offering

On June 10, 2016, Brookfield Renewable Partners L.P. (Brookfield Renewable) announced the closing of its previously announced bought deal and private placement offerings of limited partnership units for aggregate gross proceeds of $800,190,488.

Per the underwriting agreement dated June 2, 2016, Brookfield Renewable issued 10,655,000 L.P. units, on a bought deal basis, at a price of $37.55 per L.P. unit for gross proceeds of $400,095,250. Concurrent with the public offering, Brookfield Asset Management Inc. (Brookfield) purchased, directly or indirectly, 11,098,958 L.P. units of Brookfield Renewable at the offering price on a private-placement basis.

The public offering was underwritten by a syndicate co-led by Scotia Capital Inc., Barclays Capital Canada Inc., HSBC Securities (Canada) Inc., and TD Securities Inc. and that included CIBC World Markets Inc., Citigroup Global Markets Canada Inc., Deutsche Bank Securities Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., J.P. Morgan Securities Canada Inc., National Bank Financial Inc., Desjardins Securities Inc., FirstEnergy Capital Corp., Industrial Alliance Securities Inc., Manulife Securities Inc. and Raymond James Ltd.

Brookfield Renewable also granted the underwriters an over-allotment option to purchase up to an additional 1,598,250 L.P. units at the offering price which was subsequently exercised in full, resulting in additional aggregate gross proceeds of $60,014,287.50.

Brookfield’s interest in Brookfield Renewable is now approximately 61 per cent.

Brookfield was represented by an in-house team led by Jennifer Mazin, Andrea Rocheleau and William Fyfe. Karrin Powys-Lybbe, Josh Lavine, David Forrester and Laura Sigurdson (corporate/securities) and Richard Johnson (tax) from Torys LLP provided external support.

The underwriters were represented by Bill Gorman, Emily Ting and Andrea Bettello (corporate/securities) and Ken Saddington (tax) from Goodmans LLP.

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