Canadian company Brookfield Renewable Partners is seeking to raise C$150m (€99m) through the issuance of shares known as ‘preferred units’.
The proceeds will be used to repay outstanding debt and for general corporate purposes, the company said.
Brookfield is to issue 6 million preferred units on a bought deal basis to a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities for distribution to the public.
The units are priced at C$25 each and holders will be entitled to receive a cumulative quarterly fixed distribution yielding of 5.75% a year for the initial period ending 30 April 2024.
After that date the distribution rate will be reset every five years at a rate equal to the greater of either the five-year government of Canada bond yield plus 3.94% and 5.75%, Brookfield said.
The underwriters have also been granted an option to buy an additional 2 million preferred units, which, if granted, would raise the offering size to C$200m.
The offering is expected to close on 11 March.