DBRS: Subsidiary of Brookfield Renewable Power Fund Upsizes Preferred Offering to $250 Million

DBRS notes that Brookfield Renewable Power Fund (the Fund) and its subsidiary Brookfield Renewable Power Preferred Equity Inc. (Finco) have announced an increase to $250 million of the size of Finco’s intended 5.25% Preferred Shares, Series 1 offering announced earlier today. This increases the potential size from $201 million ($175 million plus an over-allotment option of $26 million). The provisional rating assigned to Finco’s intended preferred share offering remains Pfd-3 (high).

Net proceeds from the offering will be used to repay the Fund’s $200 million senior unsecured note issued previously to Brookfield Renewable Power Inc., and for general corporate purposes.

Please see DBRS’s press release from earlier today for more details on Finco’s provisional preferred share rating, and the BBB (high) Issuer Rating assigned to the Fund.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The Preferred Shares, Series 1 of Brookfield Renewable Power Preferred Equity Inc. are guaranteed by Brookfield Renewable Power Fund on a subordinated basis.

The applicable methodology is Rating Utilities (Electric, Pipelines & Gas Distribution), which can be found on our website under Methodologies.

This is a Corporate (Utilities & Independent Power) rating.