CALGARY, AB, Jan. 12, 2021 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA)
announced today that it has priced an offering of $600 million of 4.80% Fixed-to-Fixed Rate
Subordinated Notes, Series 1 due January 25,
2081 (the "Offering").
The Offering is expected to close on or about January 25, 2021, subject to customary closing
conditions. Pembina expects to use the net proceeds of the Offering
to redeem or repurchase its outstanding cumulative redeemable
minimum rate reset Class A Preferred Shares, Series 11 (TSX:
PPL.PR.K) and its cumulative redeemable minimum rate reset Class A
Preferred Shares, Series 13 (TSX: PPL.PR.M), to repay other
outstanding indebtedness, as well as for general corporate
purposes.
The subordinated notes are being offered through a syndicate of
underwriters, co-led by RBC Capital Markets, CIBC Capital Markets,
Scotiabank and TD Securities, under Pembina's short form base shelf
prospectus dated December 30, 2020,
as supplemented by a prospectus supplement dated January 12, 2021.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the subordinated notes. The
subordinated notes have not been approved or disapproved by any
regulatory authority. The subordinated notes have not been and will
not be registered under the United States Securities Act of 1933,
as amended, or any state securities law, and may not be offered or
sold within the United States or
to, or for the account or benefit of, United States persons.
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 more than 65 years. Pembina
owns an integrated system of pipelines that transport various
hydrocarbon liquids and natural gas products produced primarily in
western Canada. The Company also
owns gas gathering and processing facilities; an oil and natural
gas liquids infrastructure and logistics business; is growing an
export terminals business. Pembina's integrated assets and
commercial operations along the majority of the hydrocarbon value
chain allow it to offer a full spectrum of midstream and marketing
services to the energy sector. Pembina is committed to identifying
additional opportunities to connect hydrocarbon production to new
demand locations through the development of infrastructure that
would extend Pembina's service offering even further along the
hydrocarbon value chain. These new developments will contribute to
ensuring that hydrocarbons produced in the Western Canadian
Sedimentary Basin and the other basins where Pembina operates can
reach the highest value markets throughout the world.
Purpose of Pembina:
To be the leader in delivering integrated infrastructure
solutions connecting global markets:
- Customers choose us first for reliable and value-added
services;
- Investors receive sustainable industry-leading total
returns;
- Employees say we are the 'employer of choice' and value
our safe, respectful, collaborative and fair work culture; and
- Communities welcome us and recognize the net positive
impact of our social and environmental commitment.
Pembina is structured into three Divisions: Pipelines Division,
Facilities Division and Marketing & New Ventures Division.
Pembina's common shares trade on the Toronto and New
York stock exchanges under PPL and PBA, respectively. For
more information, visit www.pembina.com.
Forward-Looking Information and Statements
This document 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
"intend", "will", "shall", and similar expressions suggesting
future events or future performance.
In particular, this news release contains forward-looking
statements relating to the Offering, including the anticipated
closing date of the Offering and the expected use of the net
proceeds of the Offering. These forward-looking statements are
based on certain assumptions that Pembina has made in respect
thereof as at the date of this news release, including: prevailing
commodity prices, margins and exchange rates, that Pembina's
businesses will continue to achieve sustainable financial results
and that future results of operations will be consistent with past
performance and management expectations in relation thereto, the
availability and sources of capital, operating costs, ongoing
utilization and future expansions, the ability to reach required
commercial agreements, and the ability to obtain required
regulatory approvals. 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;
risks relating to widespread epidemics or pandemic outbreaks,
including the COVID-19 pandemic; general economic, market and
business conditions; and the behaviour of financial markets,
including fluctuations in interest and exchange rates, the pricing
of comparable securities and Pembina's credit ratings; and certain
other risks detailed from time to time in Pembina's public
disclosure documents including, among others, those detailed under
the heading "Risk Factors" in Pembina's management's discussion and
analysis and annual information form, each for the year ended
December 31, 2019, and in Pembina's
management's discussion and analysis for the three and nine months
ended September 30, 2020, all which
can be found at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov and available on Pembina's
website at www.pembina.com. In addition, the closing of the
Offering may not be completed, or may be delayed, if the conditions
to the closing of the Offering are not satisfied on the anticipated
timeline or at all. Accordingly, there is a risk that the Offering
will not be completed within the anticipated time, on the terms
currently proposed, or at all. While the Corporation intends to use
the net proceeds of the Offering as stated above, there may be
circumstances that are not known at this time where a reallocation
of the net proceeds may be advisable for business reasons that
management or the board of directors of Pembina believe are in
Pembina's best interests.
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 or information contained herein, except
as required by applicable laws.
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SOURCE Pembina Pipeline Corporation