Brookfield Completes Combination Of Renewable Power Businesses


Brookfield Asset Management Inc. and Brookfield Renewable Energy Partners LP have completed their previously announced strategic combination of the renewable power assets of Brookfield Renewable Power Inc. (BRPI) and Brookfield Renewable Power Fund (the Fund) to launch Brookfield Renewable, a publicly traded partnership focused on renewable power generation.

Upon completion of the combination, public unit holders of the Fund received one non-voting limited partnership unit of Brookfield Renewable (LP Unit) in exchange for each trust unit of the Fund (the Trust Units) held, and the Fund was wound up. The Trust Units will continue to trade on the TSX until the LP Units are listed.

It is anticipated that the LP Units will commence trading at the open of markets on Nov. 30, and the Trust Units will be delisted at that time.

Brookfield owns 73% of Brookfield Renewable on a fully exchanged basis, and the remaining 27% is held by the public. In connection with the combination, a subsidiary of Brookfield Renewable assumed all obligations relating to approximately C$1.1 billion of unsecured public corporate bonds issued by BRPI.

In addition, Brookfield Renewable Power Preferred Equity Inc., a former subsidiary of the Fund and the issuer of C$250 million of Class A Preference Shares, Series 1, is now a subsidiary of Brookfield Renewable.

Concurrent with the completion of the combination, Brookfield Renewable and certain of its key holding companies entered into a (U.S.)$600 million committed unsecured revolving credit facility with six Canadian banks. The facility, which replaces the facilities that had been in place for BRPI and the Fund, expires on March 31, 2014, subject to additional one-year extensions.

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