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Pembina Pipeline Corporation Announces Closing of $400 Million Preferred Share Offering
Pembina Pipeline Corporation Announces Closing of $400 Million Preferred Share Offering ...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation Announces Closing of $400 Million Preferred Share Offering\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 7, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, Dec. 7, 2017 /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL; NYSE: PBA) is pleased to announce that it has closed its previously announced public offering of cumulative redeemable minimum rate reset class A preferred shares, Series 21 (the \"Series 21 Preferred Shares\") for aggregate gross proceeds of $400 million (the \"Offering\").\n\nThe Offering was announced on November 28, 2017 when Pembina entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets, CIBC World Markets and Scotiabank. A total of 16,000,000 Series 21 Preferred Shares, which includes 4,000,000 Series 21 Preferred Shares issued pursuant to the exercise of the underwriters' option, were sold under the Offering.\n\nThe Company intends to use the net proceeds from the Offering to reduce indebtedness of the Company under its credit facilities. The indebtedness of the Company under the credit facilities was incurred in the normal course of business to fund the Company's capital program, and to fund a portion of the cash consideration payable to former common shareholders of Veresen Inc. (\"Veresen\") pursuant to the plan of arrangement with Veresen which closed on October 2, 2017.\n\nThe Series 21 Preferred Shares will begin trading on the Toronto Stock Exchange today under the symbol PPL.PR.U.\n\nDividends on the Series 21 Preferred Shares are expected to be $1.225 per share annually, payable quarterly on the 1st day of March, June, September and December, as and when declared by the Board of Directors of Pembina, for the initial fixed rate period to but excluding March 1, 2023. The first dividend, if declared, will be payable March 1, 2018, in the amount of $0.2819 per share.\n\nThis news release does not constitute an offer to sell or a solic...