Business
Pembina Pipeline Corporation Announces Closing of $200 Million Subordinated Note Offering
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is pleased to ann...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"Pembina Pipeline Corporation Announces Closing of $200 Million Subordinated Note Offering\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced offering of $200 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the \"Series 2 Notes\") due June 6, 2055 (the \"Offering\").\n \n\n This press release features multimedia. View the full release here:\n \n https://www.businesswire.com/news/home/20250605079357/en/\n \n\n\n Pembina intends to use the net proceeds of the Offering to fund the previously announced redemption of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 19 (TSX: PPL.PR.S) (the \"Series 19 Class A Preferred Shares\") and for general corporate purposes.\n \n\n The Series 2 Notes were offered through a syndicate of underwriters, co-led by CIBC Capital Markets, BMO Capital Markets and Scotiabank, under Pembina’s short form base shelf prospectus dated December 13, 2023, as supplemented by a prospectus supplement dated June 2, 2025.\n \n\n As previously announced, Pembina intends to commence a consent solicitation from holders of its $600 million aggregate principal amount of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081 (the \"Series 1 Notes\") to amend the indenture governing the Series 1 Notes to, among other things, provide for an exchange right to allow the holders of the Series 1 Notes to exchange all outstanding principal amount of their Series 1 Notes for an equal principal amount of a new series of notes (the \"Series 3 Notes\") having substantially the same economic terms, including interest rate, interest payment dates, interest reset dates, maturity date and redemption provisions as the Series 1 Notes, but excluding provisions of the Series 1 Notes regarding the delivery of preferred shares upon the occurrence of certain bankruptcy and related events, together with an entitlement under the Series 3 Notes for payment of an amount equal to the interest accrued on the Series 1 Notes that are exchanged. The removal of the provisions for delivery of preferred shares upon the occurrence of certain bankruptcy and related events from t...