Brookfield Renewable Energy Partners (BEP) Prices 15M Class A Share Secondary Offering at $51.50/Sh

February 11, 2021 7:26 AM EST

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Brookfield Renewable Partners L.P. (NYSE: BEP), Brookfield Renewable Corporation (Brookfield Renewable) (NYSE: BEPC) and Brookfield Asset Management Inc. (“Brookfield Asset Management”) (NYSE: BAM) announced today the pricing of the previously announced secondary public offering of 15,000,000 class A exchangeable subordinate voting shares (the “Exchangeable Shares”) of BEPC at a price of $51.50 per share by subsidiaries of Brookfield Asset Management (the “Selling Shareholders”). The offering is expected to close on February 16, 2021, subject to customary closing conditions. In addition, one of the Selling Shareholders has granted the underwriters a 30-day option to purchase up to 2,250,000 additional Exchangeable Shares. Brookfield Renewable is not issuing any Exchangeable Shares in the offering and will not receive any of the proceeds from the offering.

Each Exchangeable Share is structured with the intention of providing an economic return equivalent to one non-voting limited partnership unit (a “Unit”) of the Partnership (subject to adjustment to reflect certain capital events). Each Exchangeable Share will be exchangeable at the option of the holder for one Unit (subject to adjustment to reflect certain capital events) or its cash equivalent (the form of payment to be determined at the election of Brookfield Renewable).

Upon closing of the offering, it is anticipated that Brookfield Asset Management will own an approximate 48% equity interest in Brookfield Renewable, on a fully exchanged-basis (and 48% if the over-allotment option is exercised in full), which includes 26% of the issued and outstanding Exchangeable Shares (and 25% if the over-allotment option is exercised in full).

Barclays, J.P. Morgan, Morgan Stanley, Scotiabank, BMO Capital Markets, CIBC Capital Markets, HSBC, National Bank Financial Inc., RBC Capital Markets, TD Securities Inc. and Wells Fargo Securities are acting as joint book-running managers for the offering.

The offering is being made only by means of a prospectus.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. Brookfield Renewable will also be filing a prospectus supplement to its base shelf prospectus dated September 2, 2020 with securities regulatory authorities in Canada.

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