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Pembina Pipeline Corporation Announces Closing of Hybrid Note Offering and Redemption of Series 11 Preferred Shares
Pembina Pipeline Corporation Announces Closing of Hybrid Note Offering and Redemption of ...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n \n \n \n Pembina Pipeline Corporation Announces Closing of Hybrid Note Offering and Redemption of Series 11 Preferred Shares\n \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 Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Jan. 25, 2021\n \n /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (TSX: PPL); (NYSE: PBA) is pleased to announce that it has closed its previously announced offering of\n \n $600 million\n \n of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due\n \n January 25, 2081\n \n (the \"Offering\"). The Company also announced its intention to redeem its issued and outstanding Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 11 (TSX: PPL.PR.K) (the \"Series 11 Shares\") on\n \n March 1, 2021\n \n .\n \n \n \n Closing of Hybrid Note Offering\n \n \n \n Pembina expects to use the net proceeds of the Offering to fund the redemption of its outstanding Series 11 Shares and its Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 13 (TSX: PPL.PR.M), to repay other outstanding indebtedness, as well as for general corporate purposes.\n \n \n The subordinated notes were offered through a syndicate of underwriters, co-led by RBC Capital Markets, CIBC Capital Markets, Scotiabank and TD Securities, under Pembina's short form base shelf prospectus dated December 30, 2020, as supplemented by a prospectus supplement dated January 12, 2021.\n \n \n This news release does not constitute an offer to sell, or the solicitation of an offer to buy, the subordinated notes. The subordinated notes have not been approved or disapproved by any regulatory authority. The subordinated notes have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, United States persons.\n \n \n \n Redemption of Series 11 Preferred Shares\n \n \n \n Pembina intends to redeem all of its 6,800,000 issued and o...