Bermuda’s Brookfield Renewable to get $150 mln in share offering

Bermuda-based renewable power platforms operator Brookfield Renewable Partners LP., part of Canadian investment firm Brookfield Asset Management, is expecting to collect about $150 million in a share offering.

Brookfield Renewable will offer and issue 6 million class A preferred limited partnership units, Series 15 on a bought deal basis at a price of $25 per unit to a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets.

In addition, the company has granted the underwriters including RBC Capital Markets, Scotiabank and TD Securities Inc., a 48 hours-option to buy up to an extra 2 million Series 15 preferred units which, if exercised, will boost the gross offering size to $200 million.

Brookfield Renewable will use the new capital to repay outstanding indebtedness and for general corporate purposes. The offering will close on or about March 11, 2019.