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Preferred Share Description
Brookfield Renewable Partners L.P. (BEP.PR.G)
5.50% Redeemable,Fixed Minimum, Rate-Reset Class A Preferred Limited Partnership Units, Series 7
Prospectus - November 18, 2015
DBRS Credit Update: May 17, 2019 - DBRS confirmed the Issuer Rating of Brookfield Renewable Partners L.P. (BEP) as well as the Senior Unsecured Debentures and Notes (the Senior Notes) rating of Brookfield Renewable Partners ULC at BBB (high). DBRS also confirmed BEP’s Class A Preferred Limited Partnership Units rating and Brookfield Renewable Power Preferred Equity Inc.’s Class A Preference Shares (the Preferred Shares) rating at Pfd-3 (high). All trends are Stable. The Senior Notes and Preferred Shares are unconditionally and irrevocably guaranteed by BEP.
Important Taxation Note: Holders of the Series 7 Preferred Units will not be subject to tax on distributions on the Series 7 Preferred Units in the same way as they would on dividends on preferred shares of a Canadian corporation. For Canadian federal income tax purposes, holders of Series 7 Preferred Units will be allocated a portion of the taxable income of the Partnership based on their proportionate share of distributions received on their units. The allocation of taxable income to such holders may be less than the distributions received. This difference is commonly referred to as a tax deferred return of capital (i.e., returns that are initially non-taxable but which reduce the adjusted cost base of the holder’s units). See “Certain Canadian Federal Income Tax Considerations” in this Prospectus Supplement (page S-23) for further details.
- DBRS Rating
- Pfd-3 (high) Stable Trend
- DBRS Rating Date
- Shares Issued
- Issued Date
- Shares O/S
- O/S Date
- $1.375 per share per year
- Dividend Dates
- Distributions are payable quarterly on the last day of January, April, July and October
- Dividend Details
- The preferred unit's annual distribution rate will never be below 5.50% per year. The distribution rate is fixed at $1.375 per unit until January 31, 2021. On January 31, 2021 and on January 31st every 5 years thereafter, the distribution rate will be reset and fixed to a rate equal to the greater of i) the sum of the Government of Canada Yield (GCAN5YR) plus 4.47% and ii) 5.50%.
- The Series 7 units are not redeemable by the company prior to January 31, 2021. On January 31, 2021 and on January 31st every five years thereafter, the company can redeem the units at $25.00 per unit.
- On January 31, 2021 and on January 31st every five years thereafter the holders of the Series 7 Preferred Partnership Units will have the option to convert their units, all or in part, into an equal number of the series 8, Floating-Rate preferred partnership units. The Floating-Rate preferred units will calculate and pay distributions quarterly. The quarterly distributions paid will equal the sum of the 3 month Government of Canada T-Bill Rate plus 4.47%. In addition, holders of the Series 8 Floating-Rate preferred units have the option to convert their units into the Series 7, Rate-Reset preferred units on January 31, 2026 and on January 31st every 5 years thereafter.
- Lead Underwriter(s)
- TD Securities Inc., CIBC, RBC Capital Markets and Scotiabank
- Transfer Agent
- Computershare Trust Company of Canada
- Computershare Trust Company of Canada
- Dividend Reinvestment Plan
- Not available to unit holders
- Corporate Action
- Brookfield Renewable Power Preferred Equity Inc. is wholly owned by Brookfield Renewable Partners L.P. Brookfield Renewable Partners operates one of the world’s largest publicly-traded renewable power platforms. Its portfolio consists of over 16,300 MW of capacity and 843 generating facilities in North America, South America, Europe and Asia. The company is a global leader in hydroelectric power, which comprises approximately 82% of its portfolio. It is also an experienced owner, operator and investor of global wind, solar, distributed generation, and storage facilities.
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