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Pembina Pipeline Corporation Provides Notice of Series 7 Preferred Share Conversion Right and Announces Reset Dividend Rates
Pembina Pipeline Corporation Provides Notice of Series 7 Preferred Share Conversion Right ...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n\n\n\nPembina Pipeline Corporation Provides Notice of Series 7 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, Nov. 1, 2019\n\n\n\nCALGARY, Nov. 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 7 (\"Series 7 Shares\") (TSX: PPL.PR.G) on December 2, 2019 (the \"Conversion Date\").\nAs a result, and subject to certain terms of the Series 7 Shares, the holders of the Series 7 Shares will have the right to elect to convert all or any of their Series 7 Shares into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 8 of Pembina (\"Series 8 Shares\") on the basis of one Series 8 Share for each Series 7 Share on the Conversion Date.\nPursuant to the terms of the Series 7 Shares, as December 1, 2019, the conversion date for the Series 7 Shares, is not a business day, the actual conversion date will be the next succeeding business day, December 2, 2019.\nWith respect to any Series 7 Shares that remain outstanding after December 2, 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 7 Shares for the five-year period from and including December 1, 2019 to, but excluding, December 1, 2024 will be 4.38%, being equal to the five-year Government of Canada bond yield of 1.44% determined as of today plus 2.94%, in accordance with the terms of the Series 7 Shares.\nWith respect to any Series 8 Shares that may be issued on December 2, 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 December 1, 2019 to, bu...