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Pembina Pipeline Corporation Announces Successful Completion of Consent and Proxy Solicitation for 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1
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 Successful Completion of Consent and Proxy Solicitation for 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1\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 the completion of its previously announced solicitation of written consents and proxies (the \"Solicitation\") from holders (the \"Series 1 Noteholders\") of Pembina's 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 1 due January 25, 2081 (the \"Series 1 Notes\"). The Solicitation received strong support and the Extraordinary Resolution (as defined below) was approved by Series 1 Noteholders.\n \n\n This press release features multimedia. View the full release here:\n \n https://www.businesswire.com/news/home/20250723148501/en/\n \n\n\n As previously announced, pursuant to the Solicitation, the Series 1 Noteholders were asked to consider and, if deemed advisable, pass an extraordinary resolution (the \"Extraordinary Resolution\") to approve certain proposed amendments (the \"Proposed Amendments\") to the indenture dated January 25, 2021 (the \"Series 1 Note Indenture\") between Pembina, as issuer, and Computershare Trust Company of Canada, as trustee (the \"Trustee\"), and to authorize Pembina, at its option, and the Trustee to enter into a supplemental indenture (the \"Supplemental Indenture\"), pursuant to which the Proposed Amendments will be implemented. The Proposed Amendments provide for, among other things, the exchange of all of the outstanding Series 1 Notes for an equal principal amount of 4.80% Fixed-to-Fixed Rate Subordinated Notes, Series 3 of the Company due January 25, 2081 (the \"Series 3 Notes\").\n \n\n The deadline for the submission of written consents by Series 1 Noteholders expired at 5:00 p.m. (Calgary time) on July 22, 2025 (the \"Written Consent Deadline\"). In order to pass, the Extraordinary Resolution required the written consent of the registered holders of not less than 66 2/3% of the aggregate principal amount of the outstanding Series 1 Notes. As at the Written Consent Deadline, Series 1 Noteholders representing in excess of 66 2/3% of the aggregate principal amount of outstanding Series 1 Notes consented to the Extraordinary Resolution. As a result, Pembina ...