All financial figures are in Canadian dollars.
CALGARY, March 21, 2013 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL);
(NYSE: PBA) is pleased to announce that it has closed its
previously announced bought deal offering of 11,206,750 common
shares at a price of $30.80 per share
through a syndicate of underwriters (the "Offering"), which
includes 1,461,750 common shares issued at the same price on the
exercise in full of the over-allotment option granted to the
underwriters. The aggregate gross proceeds from the Offering is
approximately $345 million.
Pembina intends to use the net proceeds from the Offering to
reduce short term indebtedness of the Company, which short term
indebtedness was used to fund the Company's capital program, and
for other general corporate purposes. Pembina's current suite of
growth projects includes the construction of the Saturn I, Saturn
II and Resthaven enhanced liquids extraction facilities and
associated pipelines, the expansion of its crude oil, condensate
and NGL pipelines and the twinning of its ethane-plus fractionator
at its Redwater site, near
Fort Saskatchewan, Alberta.
Purchasers under this Offering who are shareholders of record on
March 25, 2013 will be entitled to
receive the Company's monthly cash dividend payable on April 15, 2013 in respect of any common shares
held on the record date.
The common shares were offered pursuant to a prospectus
supplement under the short form base shelf prospectus filed by the
Company on February 22, 2013 in each
of the provinces of Canada and in
the U.S. pursuant to applicable registration exemptions.
About Pembina
Calgary-based Pembina Pipeline
Corporation is a leading transportation and midstream service
provider that has been serving North
America's energy industry for nearly 60 years. Pembina owns
and operates: pipelines that transport conventional and
synthetic crude oil and natural gas liquids produced in western
Canada; oil sands, heavy oil and
diluent pipelines; gas gathering and processing facilities; and, an
oil and natural gas liquids infrastructure and logistics business.
With facilities strategically located in western Canada and in natural gas liquids markets in
eastern Canada and the U.S.,
Pembina also offers a full spectrum of midstream and marketing
services that spans across its operations. Pembina's integrated
assets and commercial operations enable it to offer services needed
by the energy sector along the hydrocarbon value chain.
Forward-Looking Information and Statements
This news release contains certain forward-looking statements
and information (collectively, "forward-looking statements") within
the meaning of the "safe harbor" provisions of applicable
securities legislation that are based on Pembina's current
expectations, estimates, projections and assumptions in light of
its experience and its perception of historical trends. In
some cases, forward-looking statements can be identified by
terminology such as "plans", "expects", "proposes", "intends",
"projects", "will", "estimates", "anticipates", "develop", "could"
and similar expressions suggesting future events or future
performance.
In particular, this news release contains forward-looking
statements relating to the planned use of proceeds of the Offering
and Pembina's growth projects. These forward-looking statements are
being made by Pembina based on certain assumptions that Pembina has
made in respect thereof as at the date of this news release,
including: that favourable growth parameters continue to exist in
respect of current and future growth projects (including the
ability to finance such projects on favourable terms); and that
Pembina's businesses will continue to achieve sustainable financial
results. These forward-looking statements are not guarantees of
future performance and are subject to a number of known and unknown
risks and uncertainties, including, but not limited to:
non-performance of agreements in accordance with their terms; the
impact of competitive entities and pricing; reliance on key
industry partners, alliances and agreements; the strength and
operations of the oil and natural gas production industry and
related commodity prices; the continuation or completion of
third-party projects; regulatory environment and inability to
obtain required regulatory approvals; tax laws and treatment;
fluctuations in operating results; the ability of Pembina to raise
sufficient capital to complete future projects and satisfy future
commitments; construction delays; labour and material shortages;
and certain other risks detailed from time to time in Pembina's
public disclosure documents including, among other things, those
detailed under the heading "Risk Factors" in Pembina's management's
discussion and analysis and annual information form for the year
ended December 31, 2012, which can be
found at www.sedar.com. The intended use of the net proceeds
of the Offering by Pembina may change if the board of directors of
Pembina determines that it would be in the best interests of
Pembina to deploy the proceeds for some other purpose.
Accordingly, readers are cautioned that events or
circumstances could cause results to differ materially from those
predicted, forecasted or projected. Such forward-looking statements
are expressly qualified by the above statements. Pembina does not
undertake any obligation to publicly update or revise any
forward-looking statements contained herein, except as required by
applicable laws.
SOURCE Pembina Pipeline Corporation