BROOKFIELD, NEWS, July 02, 2024 (GLOBE NEWSWIRE) -- Brookfield Renewable Partners L.P. (TSX:BEP, NYSE:BEP) ("Brookfield Renewable") today announced that Brookfield Renewable Power Preferred Equity Inc. ("BRP Equity") has determined the fixed dividend rate on its Class A Preference Shares, Series 3 ("Series 3 Shares") (TSX:BRF) for the five years commencing August 1, 2024 and ending July 31, 2029.
Series 3 Shares and Series 4 Shares
If declared, the fixed quarterly dividends on the Series 3 Shares during the five years commencing August 1, 2024 will be paid at an annual rate of 6.519% ($0.4074375 per share per quarter).
Holders of Series 3 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on July 16, 2024, to convert all or part of their Series 3 Shares, on a one-for-one basis, into Class A Preference Shares, Series 4 (the "Series 4 Shares"), effective July 31, 2024.
The quarterly floating rate dividends on the Series 4 Shares will be paid at an annual rate, calculated for each quarter, of 2.940% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend in respect of the August 1, 2024 to October 31, 2024 dividend period for the Series 4 Shares, if declared, will be $0.478840 per share, payable on October 31, 2024.
Holders of Series 3 Shares are not required to elect to convert all or any part of their Series 3 Shares into Series 4 Shares.
As provided in the share conditions of the Series 3 Shares, (i) if BRP Equity determines that there would be ...