Brookfield Renewable Energy Partners - 5.75% Rate Reset Preferred Share New Issue
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Brookfield Renewable Partners LP, (BEP.UN) is issuing $150M of 5.75% Minimum Rate Reset Cumulative Shares. The first dividend reset date is Apr-30-2024 at the then effective 5 year Gov. of Canada bond yield plus 3.94%, provided the rate is not less than 5.75%.
On Apr-30-2024 and every five years thereafter, holders have the option to convert into an equal number cumulative floating rate preferred units with a floating quarterly dividend rate for a quarter equal to the 3-month Government of Canada TBill Rate plus 3.94%.
Rating: S&P Pfd-2(low)
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