Sustainable Power & Infrastructure Split Corp. Announces Exchange Ratios

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, May 06, 2021 (GLOBE NEWSWIRE) -- Sustainable Power & Infrastructure Split Corp. (the “Company”) has determined the exchange ratios for the exchange option (the “Exchange Option”) with respect to its initial public offering. Under the Exchange Option, prospective purchasers could purchase Class A Shares or Units (consisting of one Class A Share and one Preferred Share) of the Company by an exchange of freely tradable equity securities (“Exchange Securities”) of the issuers listed below (the “Exchange Eligible Issuers”). The Exchange Option deadline was 5:00 p.m. on April 22, 2021.

The following table indicates the adjusted volume weighted average trading price (“Adjusted VWAP”) and exchange ratio for the Exchange Securities of each Exchange Eligible Issuer as calculated in the manner described in the Company’s prospectus dated April 27, 2021 (the “Prospectus”). The adjusted volume weighted average trading price and exchange ratios are rounded to four decimal places. Fractional Class A Shares or Units will not be issued.

*Exchange Eligible Issuer* *Ticker* *CUSIP* *ISIN* *Adjusted
VWAP*
*(C$ Equiv.)* *Exchange Ratio
Per Class A Share* *Exchange
Ratio Per Unit*
AES Corp. AES 00130H105 US00130H1059 32.5863 3.2554 1.6293
Air Products & Chemicals Inc. APD 009158106 US0091581068 356.8216 35.6465 17.8411
Albemarle Corp. ALB 012653101 US0126531013 198.2385 19.8040 9.9119
Algonquin Power & Utilities Corp. AQN 015857105 CA0158571053 19.4958 1.9476 0.9748
Alphabet Inc. GOOGL 02079K305 US02079K3059 2,862.2131 285.9354 143.1107
AltaGas Limited ALA 021361100 CA0213611001 23.1359 2.3113 1.1568
Amazon.com Inc. AMZN 023135106 US0231351067 4,139.8703 413.5735 206.9935
American Electric Power Co Inc. AEP 025537101 US0255371017 107.4297 10.7322 5.3715
American States Water Company AWR 029899101 US0298991011 96.9160 9.6819 4.8458
American Water Works Co Inc. AWK 030420103 US0304201033 189.0488 18.8860 9.4524
Apple Inc. AAPL 037833100 US0378331005 159.2549 15.9096 7.9627
ARC Resources Limited ARX 00208D408 CA00208D4084 8.2855 0.8277 0.4143
Array Technologies Inc. ARRY 04271T100 US04271T1007 32.1327 3.2101 1.6066
AT&T Inc. T 00206R102 US00206R1023 39.0385 3.8999 1.9519
Atco Ltd/Canada ACO/X 046789400 CA0467894006 42.0253 4.1983 2.1013
Avangrid Inc. AGR 05351W103 US05351W1036 62.5759 6.2513 3.1288
Ballard Power Systems Inc. BLDP 058586108 CA0585861085 21.1229 2.1102 1.0561
Bank of Montreal BMO 063671101 CA0636711016 116.1314 11.6015 5.8066
Bank of Nova Scotia/The BNS 064149107 CA0641491075 78.5722 7.8494 3.9286
BCE Inc. BCE 05534B760 CA05534B7604 58.5749 5.8516 2.9287
BlackBerry Ltd. BB 09228F103 CA09228F1036 10.3298 1.0319 0.5165
Bloom Energy Corp. BE 093712107 US0937121079 28.1159 2.8088 1.4058
Boralex Inc. BLX 09950M300 CA09950M3003 37.5843 3.7547 1.8792
Brookfield Asset Management Inc BAM/A 112585104 CA1125851040 55.8671 5.5811 2.7934
Brookfield Infrastructure Corp. BIPC 11275Q107 CA11275Q1072 88.0741 8.7986 4.4037
Brookfield Infrastructure Partners BIP-U       n/a BMG162521014 65.4678 6.5402 3.2734
Brookfield Renewable Corp. BEPC 11284V105 CA11284V1058 49.9746 4.9925 2.4987
Brookfield Renewable Partners LP BEP-U       n/a BMG162581083 46.3517 4.6305 2.3176
California Water Service Group CWT 130788102 US1307881029 71.6392 7.1568 3.5820
Canadian Imperial Bank of Commerce CM 136069101 CA1360691010 128.8193 12.8691 6.4410
Canadian Natural Resources Ltd. CNQ 136385101 CA1363851017 39.0291 3.8990 1.9515
Canadian Pacific Railway Ltd. CP 13645T100 CA13645T1003 464.7141 46.4250 23.2357
Canadian Solar Inc. CSIQ 136635109 CA1366351098 49.0985 4.9049 2.4549
Canadian Utilities Limited CU 136717832 CA1367178326 34.6651 3.4630 1.7333
Capital Power Corp CPX 14042M102 CA14042M1023 39.4683 3.9429 1.9734
Cenovus Energy Inc. CVE 15135U109 CA15135U1093 9.5895 0.9580 0.4795
Cisco Systems Inc. CSCO 17275R102 US17275R1023 62.8535 6.2791 3.1427
CMS Energy Corp CMS 125896100 US1258961002 78.7768 7.8698 3.9388
Consolidated Edison Inc. ED 209115104 US2091151041 94.1730 9.4079 4.7087
CoreSite Realty Corp. COR 21870Q105 US21870Q1058 147.4676 14.7320 7.3734
Crescent Point Energy Corp. CPG 22576C101 CA22576C1014 5.0382 0.5033 0.2519
Crown Castle International Corp. CCI 22822V101 US22822V1017 226.6423 22.6416 11.3321
Cummins Inc. CMI 231021106 US2310211063 315.6372 31.5322 15.7819
CyrusOne Inc. CONE 23283R100 US23283R1005 86.7661 8.6679 4.3383
Digital Realty Trust Inc. DLR 253868103 US2538681030 186.6737 18.6487 9.3337
Dominion Energy Inc. D 25746U109 US25746U1097 97.1772 9.7080 4.8589
Dream Industrial Real Estate Investment Trust DIR-U 26153W109 CA26153W1095 13.7959 1.3782 0.6898
DTE Energy Co DTE 233331107 US2333311072 171.9729 17.1801 8.5986
Duke Energy Corp. DUK 26441C204 US26441C2044 121.8788 12.1757 6.0939
Ecolab Inc. ECL 278865100 US2788651006 278.5796 27.8301 13.9290
Edison International EIX 281020107 US2810201077 72.6147 7.2542 3.6307
Emera Inc EMA 290876101 CA2908761018 55.9840 5.5928 2.7992
Emerson Electric Company EMR 291011104 US2910111044 111.4037 11.1292 5.5702
Enphase Energy Inc. ENPH 29355A107 US29355A1079 159.4279 15.9269 7.9714
Enviva Partners LP EVA 29414J107 US29414J1079 60.4028 6.0342 3.0201
Equinix Inc. EQIX 29444U700 US29444U7000 866.5072 86.5642 43.3254
Essential Utilities Inc WTRG 29670G102 US29670G1022 57.1076 5.7051 2.8554
Eversource Energy ES 30040W108 US30040W1080 104.3729 10.4269 5.2186
Evoqua Water Technologies Corp. AQUA 30057T105 US30057T1051 34.7330 3.4698 1.7367
Exelon Corp. EXC 30161N101 US30161N1019 54.0619 5.4008 2.7031
First Solar Inc. FSLR 336433107 US3364331070 93.1544 9.3061 4.6577
FirstEnergy Corp. FE 337932107 US3379321074 46.1232 4.6077 2.3062
Ford Motor Company F 345370860 US3453708600 14.1398 1.4126 0.7070
Fortis Inc/Canada FTS 349553107 CA3495531079 54.1884 5.4134 2.7094
FuelCell Energy Inc. FCEL 35952H601 US35952H6018 10.7922 1.0781 0.5396
Generac Holdings Inc. GNRC 368736104 US3687361044 392.4462 39.2054 19.6223
General Motors Company GM 37045V100 US37045V1008 69.9760 6.9906 3.4988
Gibson Energy Inc. GEI 374825206 CA3748252069 23.0988 2.3076 1.1549
Granite Real Estate Investment Trust GRT-U 387437114 CA3874371147 79.5135 7.9434 3.9757
H&R Real Estate Investment Trust HR-U 403925407 CA4039254079 15.3072 1.5292 0.7654
Hydro One Ltd H 448811208 CA4488112083 29.6177 2.9588 1.4809
IDEX Corp. IEX 45167R104 US45167R1041 276.6077 27.6331 13.8304
Imperial Oil Limited IMO 453038408 CA4530384086 36.6464 3.6610 1.8323
Innergex Renewable Energy Inc INE 45790B104 CA45790B1040 20.5476 2.0527 1.0274
Inter Pipeline Limited IPL 45833V109 CA45833V1094 17.8234 1.7806 0.8912
Iron Mountain Inc. IRM 46284V101 US46284V1017 49.1973 4.9148 2.4599
Keyera Corp. KEY 493271100 CA4932711001 28.2496 2.8221 1.4125
Keysight Technologies Inc. KEYS 49338L103 US49338L1035 173.6752 17.3502 8.6838
Kinder Morgan Inc. KMI 49456B101 US49456B1017 21.2379 2.1217 1.0619
Lithium Americas Corp. LAC 53680Q207 CA53680Q2071 16.1552 1.6139 0.8078
Livent Corp. LTHM 53814L108 US53814L1089 21.7265 2.1705 1.0863
Magna International Inc. MG 559222401 CA5592224011 115.1827 11.5068 5.7591
Manulife Financial Corp. MFC 56501R106 CA56501R1064 26.4871 2.6461 1.3244
Micron Technology Inc. MU 595112103 US5951121038 104.1396 10.4036 5.2070
Microsoft Corp. MSFT 594918104 US5949181045 305.3505 30.5045 15.2675
Motorola Solutions Inc. MSI 620076307 US6200763075 229.9847 22.9755 11.4992
Mueller Water Products Inc. MWA 624758108 US6247581084 17.8072 1.7789 0.8904
National Bank of Canada NA 633067103 CA6330671034 89.6546 8.9565 4.4827
Netflix Inc. NFLX 64110L106 US64110L1061 619.6549 61.9036 30.9827
Nextera Energy Inc. NEE 65339F101 US65339F1012 92.9086 9.2816 4.6454
Northland Power Inc NPI 666511100 CA6665111002 40.9699 4.0929 2.0485
NVIDIA Corp. NVDA 67066G104 US67066G1040 718.1921 71.7475 35.9096
ONEOK Inc. OKE 682680103 US6826801036 64.8033 6.4739 3.2402
Parex Resources Inc. PXT 69946Q104 CA69946Q1046 23.1592 2.3136 1.1580
Parkland Corporation PKI 70137W108 CA70137W1086 39.7432 3.9703 1.9872
Pembina Pipeline Corp. PPL 706327103 CA7063271034 38.6644 3.8626 1.9332
Plug Power Inc. PLUG 72919P202 US72919P2020 31.0652 3.1034 1.5533
Power Integrations Inc. POWI 739276103 US7392761034 99.3599 9.9261 4.9680
PrairieSky Royalty Limited PSK 739721108 CA7397211086 13.4444 1.3431 0.6722
Public Service Enterprise Group Inc. PEG 744573106 US7445731067 76.9482 7.6871 3.8474
QTS Realty Trust Inc. QTS 74736A103 US74736A1034 78.9189 7.8840 3.9459
Quebecor Inc. QBR/B 748193208 CA7481932084 33.5513 3.3518 1.6776
Renewable Energy Group Inc. REGI 75972A301 US75972A3014 69.2025 6.9133 3.4601
Rogers Communications Inc. RCI/B 775109200 CA7751092007 60.6090 6.0548 3.0305
Roper Technologies Inc. ROP 776696106 US7766961061 548.2750 54.7727 27.4137
Royal Bank of Canada RY 780087102 CA7800871021 118.3616 11.8243 5.9181
SBA Communications Corp. SBAC 78410G104 US78410G1040 362.7293 36.2367 18.1365
Sempra Energy SRE 816851109 US8168511090 168.3349 16.8167 8.4167
Shaw Communications Inc. SJR/B 82028K200 CA82028K2002 35.5585 3.5523 1.7779
Shopify Inc. SHOP 82509L107 CA82509L1076 1,388.5470 138.7160 69.4274
SolarEdge Technologies Inc. SEDG 83417M104 US83417M1045 281.6125 28.1331 14.0806
Southern Co/The SO 842587107 US8425871071 80.1421 8.0062 4.0071
Suncor Energy Inc. SU 867224107 CA8672241079 27.3866 2.7359 1.3693
Sunnova Energy International Inc. NOVA 86745K104 US86745K1043 40.3619 4.0322 2.0181
SunPower Corp. SPWR 867652406 US8676524064 29.1189 2.9090 1.4559
Sunrun Inc. RUN 86771W105 US86771W1053 55.5551 5.5500 2.7778
TC Energy Corp. TRP 87807B107 CA87807B1076 61.2766 6.1215 3.0638
Telus Corp. T 87971M103 CA87971M1032 25.7630 2.5737 1.2882
Tesla Inc. TSLA 88160R101 US88160R1014 836.0065 83.5171 41.8003
T-Mobile US Inc. TMUS 872590104 US8725901040 163.3188 16.3156 8.1659
Toronto-Dominion Bank/The TD 891160509 CA8911605092 84.7359 8.4651 4.2368
Tourmaline Oil Corp. TOU 89156V106 CA89156V1067 27.8324 2.7805 1.3916
TransAlta Corp. TA 89346D107 CA89346D1078 11.9194 1.1907 0.5960
TransAlta Renewables Inc. RNW 893463109 CA8934631091 19.0441 1.9025 0.9522
Uber Technologies Inc. UBER 90353T100 US90353T1007 62.2200 6.2158 3.1110
Union Pacific Corp. UNP 907818108 US9078181081 274.9106 27.4636 13.7455
Verizon Communications Inc. VZ 92343V104 US92343V1044 71.6371 7.1566 3.5819
Waste Connections Inc. WCN 94106B101 CA94106B1013 148.5240 14.8376 7.4262
Watts Water Technologies Inc. WTS 942749102 US9427491025 156.3610 15.6205 7.8181
WEC Energy Group Inc. WEC 92939U106 US92939U1060 118.8356 11.8717 5.9418
Whitecap Resources Inc. WCP 96467A200 CA96467A2002 5.4970 0.5491 0.2748
Williams Companies Inc. WMB 969457100 US9694571004 30.3989 3.0369 1.5199
Xcel Energy Inc. XEL 98389B100 US98389B1008 87.5647 8.7477 4.3782
Xylem Inc. XYL 98419M100 US98419M1009 140.6992 14.0559 7.0350

The Toronto Stock Exchange has conditionally approved the listing of the Class A Shares and Preferred Shares, subject to the Company fulfilling all customary requirements. Trading under the symbols PWI and PWI.PR.A is expected to commence on the closing date, May 21, 2021.

The Company will invest in a globally diversified and actively managed portfolio (the “Portfolio”) consisting primarily of dividend-paying securities of power and infrastructure companies, whose assets, products and services the Manager believes are facilitating the multi-decade transition toward decarbonization and environmental sustainability. The Portfolio will include investments in companies operating in the areas of renewable power, green transportation, energy efficiency, and communications, among others (“Sustainable Power and Infrastructure Companies”). In seeking to achieve its investment objectives, the Company intends to target investments in Sustainable Power and Infrastructure Companies that have positive and/or improving environmental, social and governance characteristics as identified by the Manager.

The investment objectives for the Class A Shares are to provide holders with regular monthly non-cumulative cash distributions and the opportunity for capital appreciation through exposure to the Portfolio. *The monthly cash distribution is targeted to be $0.06667 per Class A Share representing a yield on the issue price of the Class A Shares of 8.0% per annum.*

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions and to return the original issue price of $10.00 to holders on May 29, 2026, subject to extension for successive terms of up to five years as determined by the board of directors of the Company.* The quarterly cash distribution will be $0.1250 per Preferred Share ($0.50 per annum, or 5.0% per annum on the issue price of $10.00 per Preferred Share)*, until May 29, 2026. The Preferred Shares have been provisionally rated Pfd-3 by DBRS Limited.

Please contact your investment advisor or refer to the Prospectus for detailed information on how to participate in the offering.

The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank and includes BMO Capital Markets, TD Securities Inc., Hampton Securities Limited, Canaccord Genuity Corp., Raymond James Ltd., Richardson Wealth Limited, Echelon Wealth Partners Inc., iA Private Wealth Inc., Manulife Securities Incorporated, and Research Capital Corporation.

*About Brompton Funds*

Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including TSX traded closed-end funds and exchange-traded funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

*This offering is only made by the Prospectus. The Prospectus contains important detailed information relating to the shares being offered. Copies of the Prospectus may be obtained from one of the agents listed above. Investors should read the Prospectus before making an investment decision. *

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Company. You can find more detailed information about the Company in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.