Brookfield Renewable has announced plans to issue C$200 million in Fixed-to-Fixed Reset Rate Subordinated Hybrid Notes due 12 March 2055. The notes will carry an annual interest rate of 5.450% and reset every five years starting 12 March 2030, based on the five-year Government of Canada yield plus a 2.499% spread.
Brookfield Renewable Partners ULC, a subsidiary of Brookfield Renewable, will issue the Hybrid Notes, which will be fully guaranteed by Brookfield Renewable and key holding subsidiaries. The notes will hold the same rating treatment as the company’s preferred shares and units.
This marks Brookfield Renewable’s 15th green-labeled corporate securities issuance in North America and the fourth under its 2024 Green Financing Framework. Proceeds will fund eligible green investments, including the repayment of related debt.
The Hybrid Notes will be issued under a base shelf prospectus dated 8 September 2023, and a related prospectus supplement dated 9 December 2024. The issuance, expected to close by 12 December 2024, is subject to customary closing conditions.
The offering is led by a syndicate of underwriters, including BMO Capital Markets, CIBC Capital Markets, Scotiabank, RBC Capital Markets, TD Securities, and National Bank Financial Markets, along with Desjardins, BNP Paribas, Mizuho Securities, MUFG, SMBC Nikko, and iA Private Wealth Inc.
