NextEra Energy Partners drops on $500 mln capital raise

Brookfield Renewable

15/06/2021 15:12

** NextEra Energy Partners  NEP.N  shares down 2.4% at
$73.64, after dropping as low as $71.15, in wake of capital
raise
    ** Power producer on Tues prices $500 mln 0% 3-yr
convertible notes offering  urn:newsml:reuters.com:*:nPn7Z28Jha
    ** Conversion price of ~$90.50 represents 20% premium to
stock's last sale on Mon
    ** Co to use net proceeds to partially fund previously
announced acquisition of 391-megawatt portfolio of wind projects
    ** In Apr, the NextEra Energy Inc  NEE.N  affiliate said it
would buy four wind assets from Brookfield Renewable  BEPC.N 
for $733 mln  urn:newsml:reuters.com:*:nL4N2MC2V9
    ** NEP has ~$5.6 bln market cap, per Refinitiv data
    ** With move on Tues, NEP shares up ~10% YTD
    ** NEE shares on Tues off 0.3% at $73.09 and down ~5% in
2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))