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Pembina Pipeline Corporation Provides Notice of Series 9 Preferred Share Conversion Right and Announces Reset Dividend Rates
Pembina Pipeline Corporation Provides Notice of Series 9 Preferred Share Conversion Right...
About this update from Pembina Pipeline Corporation
[{"type":"text","content":"\n \n \n \n Pembina Pipeline Corporation Provides Notice of Series 9 Preferred Share Conversion Right and Announces Reset Dividend Rates\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 CALGARY, AB, Nov. 2, 2020\n \n \n \n \n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ - Pembina Pipeline Corporation (\"Pembina\" or the \"Company\") (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 9 (\"Series 9 Shares\") (TSX: PPL.PR.I) on\n \n December 1, 2020\n \n (the \"Conversion Date\").\n \n \n As a result, subject to certain terms of the Series 9 Shares, the holders of the Series 9 Shares will have the right to convert all or part of their Series 9 Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Class A Preferred Shares, Series 10 of Pembina (\"Series 10 Shares\") on the Conversion Date. Holders who do not exercise their right to convert their Series 9 Shares into Series 10 Shares will retain their Series 9 Shares.\n \n \n As provided in the terms of the Series 9 Shares: (i) if Pembina determines that there would remain outstanding immediately following the conversion less than 1,000,000 Series 9 Shares, then all remaining Series 9 Shares will be automatically converted into Series 10 Shares on a one-for-one basis effective\n \n December 1, 2020\n \n ; or (ii) if Pembina determines that there would be less than 1,000,000 Series 10 Shares after\n \n December 1, 2020\n \n , no Series 9 Shares will be converted into Series 10 Shares on the Conversion Date. There are currently 9,000,000 Series 9 Shares outstanding.\n \n \n With respect to any Series 9 Shares that remain outstanding after\n \n December 1, 2020\n \n , 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 9 Shares for the five-year period f...