Pembina Pipeline Corporation Announces $200 Million Subordinated Note Offering

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[{"type":"text","content":"Pembina Pipeline Corporation Announces $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) announced today that it has agreed to issue $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/20250602592441/en/\n \n\n\n The Offering is expected to close on or about June 6, 2025, subject to customary closing conditions. Pembina intends to use the net proceeds of the Offering to fund the 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\")\n \n\n and for general corporate purposes. Pending any such use of the net proceeds of the Offering, Pembina may either invest the net proceeds from the issuance of the Series 2 Notes in bank deposits and/or other money market instruments or temporarily reduce short-term indebtedness.\n \n\n The Series 2 Notes are being 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 to be dated on or about June 2, 2025.\n \n\n Following closing of the Offering, 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 delivery of preferred shares upon the occurrence of certain...

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