Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) announced today that it has agreed to issue $950
million aggregate principal amount of senior unsecured medium-term
notes (the "Offering"). The Offering will be conducted in three
tranches consisting of: (i) $650 million principal amount of senior
unsecured medium-term notes, series 23 (the "Series 23 Notes")
having a fixed coupon of 5.22% per annum, paid semi-annually, and
maturing on June 28, 2033; (ii) $150 million principal amount to be
issued through a re-opening of the Company's senior unsecured
medium-term notes, series 20 (the "Series 20 Notes") having a fixed
coupon of 5.02% per annum, paid semi-annually, and maturing on
January 12, 2032; and (iii) $150 million principal amount to be
issued through a re-opening of the Company's senior unsecured
medium-term notes, series 22 (the "Series 22 Notes") having a fixed
coupon of 5.67% per annum, paid semi-annually, and maturing on
January 12, 2054.
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Closing of the Offering is expected to occur on June 28, 2024.
Pembina intends to use the net proceeds of the Offering: (i) to
repay indebtedness of the Company under its unsecured $1.5 billion
revolving credit facility maturing in June 2029; (ii) to fund the
previously announced redemption by the Company of $150 million
aggregate principal amount of its $300 million aggregate principal
amount of 5.72% Medium Term Notes, Series 19 (the "Series 19
Notes") due June 22, 2026; and (iii) for general corporate
purposes.
The Series 23 Notes and the re-opened Series 20 Notes and Series
22 Notes are being offered through a syndicate of dealers under
Pembina's short form base shelf prospectus dated December 20, 2023,
as supplemented by related pricing supplements dated June 26,
2024.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the notes in any jurisdiction. The
notes being offered have not been approved or disapproved by any
regulatory authority. The 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.
About Pembina
Pembina Pipeline Corporation is a leading energy transportation
and midstream service provider that has served North America's
energy industry for 70 years. Pembina owns an integrated network of
hydrocarbon liquids and natural gas pipelines, gas gathering and
processing facilities, oil and natural gas liquids infrastructure
and logistics services, and an export terminals business. Through
our integrated value chain, we seek to provide safe and reliable
energy solutions that connect producers and consumers across the
world, support a more sustainable future and benefit our customers,
investors, employees and communities. For more information, please
visit www.pembina.com.
Purpose of Pembina: We deliver extraordinary energy solutions so
the world can thrive.
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 Statements and Information
This news release contains certain forward-looking statements
and forward-looking information (collectively, "forward-looking
statements"), including 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
"expect", "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 intended use of the net
proceeds of the Offering; and the partial redemption of the Series
19 Notes, including the occurrence thereof. 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:
oil and gas industry exploration and development activity levels
and the geographic region of such activity; that favourable market
conditions exist; the success of Pembina's operations; prevailing
commodity prices, interest rates, carbon prices, tax rates and
exchange rates; the ability of Pembina to maintain current credit
ratings; the availability of capital to fund future capital
requirements relating to existing assets and projects; future
operating costs; geotechnical and integrity costs; that all
required regulatory and environmental approvals can be obtained on
the necessary terms in a timely manner; prevailing regulatory, tax
and environmental laws and regulations; maintenance of operating
margins; and certain other assumptions in respect of Pembina's
forward-looking statements detailed in Pembina's Annual Information
Form for the year ended December 31, 2023 (the "AIF") and
Management's Discussion and Analysis for the year ended December
31, 2023 (the "Annual MD&A"), which were each filed on SEDAR+
on February 22, 2024, in Pembina's Management's Discussion and
Analysis for the three months ended March 31, 2024 (the "Interim
MD&A"), which was filed on SEDAR+ on May 9, 2024, and from time
to time in Pembina's public disclosure documents available at
www.sedarplus.ca, www.sec.gov and through Pembina's website at
www.pembina.com.
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: the regulatory
environment and decisions and Indigenous and landowner consultation
requirements; the impact of competitive entities and pricing;
reliance on third parties to successfully operate and maintain
certain assets; the strength and operations of the oil and natural
gas production industry and related commodity prices;
non-performance or default by counterparties to agreements with
Pembina or one or more of its affiliates; actions taken by
governmental or regulatory authorities; the ability of Pembina to
acquire or develop the necessary infrastructure in respect of
future development projects; fluctuations in operating results;
adverse general economic and market conditions in Canada, North
America and worldwide; the ability to access various sources of
debt and equity capital; changes in credit ratings; counterparty
credit risk; and certain other risks and uncertainties detailed in
the AIF, Annual MD&A, Interim MD&A and from time to time in
Pembina's public disclosure documents available at
www.sedarplus.ca, www.sec.gov and through Pembina's website at
www.pembina.com. In addition, the closing of the Offering and the
partial redemption of the Series 19 Notes may not be completed, or
may be delayed, if the conditions to the completion thereof are not
satisfied on the anticipated timeline or at all. Accordingly, there
is a risk that the Offering will not be completed and the Series 19
Notes may not be redeemed within the anticipated time, on the terms
currently proposed, or at all. 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 and there can
be no guarantee as to how or when such proceeds may be used.
Accordingly, readers are cautioned that events or circumstances
could cause results to differ materially from those predicted,
forecasted or projected. The forward-looking statements contained
in this news release 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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version on businesswire.com: https://www.businesswire.com/news/home/20240626224564/en/
For further information: Investor Relations (403) 231-3156
1-855-880-7404 e-mail: investor-relations@pembina.com
www.pembina.com
Pembina Pipeline (NYSE:PBA)
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