Brhc Holdings Ltd (BEPC) News & EventsBEPCNews & EventsBrhc Holdings Ltd

Brookfield Approves Simplification of Corporate Structure

Brookfield Renewable Partners (BEP) and Brookfield Renewable (BEPC) announced that it has approved plans to simplify its corporate structure by converting BEP and BEPC into one publicly traded corporation, Brookfield Renewable Partners. Under the terms of the Simplification, upon receipt of approval from BEP unitholders, all outstanding limited partnership units of BEP, other than preferred units, will, together with certain related exchangeable securities, be exchanged on a one-for-one basis for newly issued shares of BEP. BEPC shareholders will separately be asked to approve the Simplification, pursuant to which their class A exchangeable subordinate voting shares in BEPC will be exchanged for new shares of BEP Inc. on a one-for-one basis. If BEPC shareholders vote in favor of the Simplification, the exchange can also be completed on a tax-deferred basis. If BEPC shareholders do not approve the Simplification, the BEPC exchangeable shares will remain outstanding and become exchangeable, on a one-for-one basis, for newly issued shares of BEP Inc., rather than being exchangeable for units of BEP as they are today. Following securityholder approval, Brookfield Renewable expects to complete the Simplification in the Q4. There will be no change to Brookfield's ownership of Brookfield Renewable as a result of the Simplification. BEP's preferred units and public debt will remain outstanding and unaffected by the Simplification. Torys is acting as legal advisor to Brookfield Renewable for the Simplification. Scotiabank is acting as independent financial advisor and Goodmans is acting as independent legal counsel to the nominating and governance committees of each of BEP and BEPC in connection with the Simplification.