Results of Early Consent Expiration Related to Tender Offer for Series A, B and C Notes of White Pine Hydro, LLC
TORONTO, Feb. 22, 2013 /PRNewswire/ -- BIF II US Renewable LLC (the "Offeror"), an affiliate of Brookfield Renewable Energy Partners, announced today that as of 5:00 p.m., New York City Time, on February 22, 2013 (the "Consent Expiration"), $501,900,000, or 87.29%, of the $575,000,000 aggregate principal amount currently outstanding of the 6.31% Series A Notes due 2017, 6.61% Series B Notes due 2027 and 6.96% Series C Notes due 2037 (the "Notes") of White Pine Hydro, LLC (the "Issuer"), have been tendered pursuant to the Offeror's previously announced cash tender offer for any and all of the Notes (the "Tender Offer") and solicitation of consents (the "Consent Solicitation"), as described in the Offer to Purchase and Consent Solicitation Statement, as supplemented by Supplement No. 1 (as supplemented, the "Statement") and a related Consent and Letter of Transmittal, each dated January 31, 2013.
Pending the satisfaction or waiver of the conditions described in the Statement, including the Acquisition Condition and the Financing Condition, and the acceptance of Notes tendered, holders who validly tendered their Notes by the Early Consent Expiration will receive the Total Consideration (including the Early Consent Payment) set forth in the Statement, plus the full amount of accrued and unpaid interest in cash from the last interest payment date up to, but not including, the settlement date. Subject to, and conditioned upon, the satisfaction or waiver of the conditions described in the Statement, the settlement date in respect of all Notes validly tendered and not validly withdrawn and accepted for purchase is expected to occur promptly after the Expiration Time (11:59 p.m. on March 1, 2013, unless extended), and is expected to be on or about March 6, 2013.
This news release does not constitute a notice of redemption under the optional redemption provision of the Indenture, nor does it constitute an offer to sell or the solicitation of an offer to buy any securities of the Offeror or the Issuer. Nor is it an offer to sell securities or a solicitation of an offer to buy securities in any state or jurisdiction where prohibited by law. The Tender Offer and Consent Solicitation are being made pursuant to the Statement and the related consent and letter of transmittal, copies of which have been delivered to all Holders. Persons with questions regarding the Tender Offer and Consent Solicitation should contact the Tender Agent and Information Agent, D.F. King & Co., Inc. at (800) 758-5378 (toll free).
Cautionary Statement Regarding Forward-Looking Information
Forward-looking information provided in this news release relating to the Offeror's expectations regarding the Tender Offer, Consent Solicitation, the Offeror's acquisition of White Pine Hydro Investments, LLC and the Offeror's or the Issuer's future prospects and financial position are forward-looking information within the meaning of applicable United States securities laws. The Offeror believes that expectations reflected in such information are reasonable, but no assurance is given that such expectations will be correct. Forward-looking information is based on the Offeror's beliefs and assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking information and actual results may vary. The forward-looking information is made as of the date of this news release and neither the Offeror nor the Issuer assumes any obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.
SOURCE Brookfield Renewable Energy Partners
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