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Brookfield BRP Holdings Selling New Baby Bonds

Brookfield BRP Holdings (BEP) has announced a new baby bond issuance.

The issue will pay quarterly interest payments and will have an early redemption period starting in 2026.

The company has 2 other exchange traded $25 issues in the U.S. which can be seen here.

The preliminary prospectus can be found here.

EarlyBird was early on this one and posits ‘yield talk’ in the 4.875% – 5.00% area.

5 thoughts on “Brookfield BRP Holdings Selling New Baby Bonds”

  1. BEPH is the same structure.
    I guess Canadian law allows perpetual bonds, but US law does not.
    so it is a bond to Canadian investors, but a stock for US ones.

  2. Looking at S-38 (tax treatment), payments are treated as dividends and the issue as equity

    So for individual tax payers, I would say preferred stock.

    But I admit calling them “notes” is confusing.

      1. No. regular 1099. But the summary of it in III for BEPH needs to be updated from Qualified No to Qualified Yes. and the same holds true for this one.

  3. Baby Bond vs Preferred?
    The prospectus states there is no fixed date of maturity or fixed redemption date.

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