Brookfield Renewable Power Inc.

Brookfield Renewable Power Inc.

October 07, 2010 16:00 ET

Brookfield Renewable Power Inc. Announces $450 Million Notes Issue

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Brookfield Renewable Power Inc. (the "Company") today announced that it has agreed to sell an aggregate principal amount of C$450 million of medium-term notes, Series 7, due October 13, 2020. The notes will bear interest at a rate of 5.14% per annum, payable semi-annually.

The notes will be issued pursuant to the Company's Short Form Base Shelf Prospectus dated September 9, 2010, a related Prospectus Supplement dated October 6, 2010 and a related pricing supplement to be dated on or about October 7, 2010. The issue is expected to close on or about October 13, 2010, subject to customary closing conditions.

The Company intends to use the net proceeds for the redemption of the Company's 8.75% medium-term notes, due February 3, 2012, and for general corporate purposes.

The notes have been rated "BBB (stable outlook)" by Standard & Poor's Rating Services, "BBB (high)" with a stable trend by DBRS Limited and "BBB (stable outlook)" by Fitch Ratings Ltd.

The notes are being offered through a syndicate of agents led by CIBC World Markets Inc. and Scotia Capital Inc., and includes RBC Dominion Securities Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc. and HSBC Securities (Canada) Inc.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus, the prospectus supplement or any related pricing supplements. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Brookfield Renewable Power Inc.

Brookfield Renewable Power Inc., wholly-owned by Brookfield Asset Management Inc., has more than 100 years of experience as an owner, operator and developer of hydroelectric power facilities. Its total portfolio includes more than 165 generating facilities with over 4,200 megawatts of capacity. It also has a significant hydroelectric and wind project pipeline. Brookfield Renewable Power's operations are primarily located in North America and Brazil. Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has over US$100 billion of assets under management and is listed on the New York and Toronto Stock Exchanges under the symbols BAM and BAM.A, respectively, and on Euronext Amsterdam under the symbol BAMA. For more information, please visit Brookfield Renewable Power's website at www.brookfieldpower.com and Brookfield Asset Management's website at www.brookfield.com

Cautionary Statement on Forward-looking Information

Certain information regarding Brookfield Renewable Power contained herein may constitute forward-looking statements. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. The words "agreed", "will" and "expected" which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking statements. Forward-looking statements in this press release include statements regarding the closing of the offering and the use of proceeds from the offering. Although Brookfield Renewable Power believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, it can give no assurance that such expectations will prove to have been correct. The reader should not place undue reliance on forward-looking statements and information as such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Brookfield Renewable Power to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: the risk that the offering does not close, the behaviour of financial markets including fluctuations in interest and exchange rates, risks of equipment failure and other risks and factors detailed from time to time under the heading "Risk Factors" in Brookfield Renewable Power's Annual Information Form filed with the securities regulators in Canada . We caution that the foregoing list of important factors that may affect future results is not exhaustive. Except as required by law, Brookfield Renewable Power undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Contact Information

  • Brookfield Renewable Power
    Zev Korman
    Director, Investor Relations & Communications
    (416) 359-1955
    zev.korman@brookfield.com