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Pembina Pipeline Corporation Provides Notice of Series 17 Preferred Share Conversion Right and Announces Reset Dividend Rates
Pembina Pipeline Corporation Provides Notice of Series 17 Preferred Share Conversion Right...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation Provides Notice of Series 17 Preferred Share Conversion Right and Announces Reset Dividend Rates\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, March 1, 2019\n\n\n\nCALGARY, March 1, 2019 /CNW/ - Pembina Pipeline Corporation (\"Pembina\") (TSX: PPL; NYSE: PBA) announced today that it does not intend to exercise its right to redeem the currently outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 17 (\"Series 17 Shares\") (TSX: PPL.PR.Q) on March 31, 2019 (the \"Conversion Date\").\nAs a result, and subject to certain terms of the Series 17 Shares, the holders of the Series 17 Shares will have the right to elect to convert all or any of their Series 17 Shares into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 18 of Pembina (\"Series 18 Shares\") on the basis of one Series 18 Share for each Series 17 Share on the Conversion Date.\nWith respect to any Series 17 Shares that remain outstanding after March 31, 2019, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate for the Series 17 Shares for the five-year period from and including March 31, 2019 to, but excluding, March 31, 2024 will be 4.821%, being equal to the five-year Government of Canada bond yield of 1.811% determined as of today plus 3.01%, in accordance with the terms of the Series 17 Shares.\nWith respect to any Series 18 Shares that may be issued on March 31, 2019, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Pembina. The annual dividend rate for the 3-month floating rate period from and including March 31, 2019 to, but excluding, June 30, 2019 will be 4.692%, being equal to the annual rate of interest for the most recent auction of 90-day Government of Canada treasury bills of 1.682% plus 3.01%, in accordance with the terms of the...