CALGARY, May 28, 2020 /CNW/ - Pembina Pipeline
Corporation ("Pembina") (TSX: PPL; NYSE:
PBA) is pleased to announce that it has closed its previously
announced offering of $500 million of
senior unsecured medium-term notes (the "Offering"). The
Offering was conducted in two tranches consisting of $400 million in senior unsecured medium-term
notes, series 16 (the "Series 16 Notes") having a fixed coupon of
4.67 percent per annum, paid semi-annually, and maturing on
May 28, 2050; and $100 million principal amount issued through a
re-opening of the Company's 3.71 percent medium-term notes, series
7, due August 11, 2026 (the "Series 7
Notes"). The gross proceeds of the Offering were $505 million.
The net proceeds will be used to repay indebtedness of the
Company under its unsecured $2.5
billion revolving credit facility due May 2024 incurred in connection with the
acquisition of the U.S. portion of the Cochin Pipeline system, as
well as to fund Pembina's capital program and for general corporate
purposes.
The Series 16 Notes and the re-opening of the Series 7 Notes was
offered through a syndicate of dealers under Pembina's short-form
base shelf prospectus dated August 30,
2019, as supplemented by related pricing supplements dated
May 26, 2020.
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 (the "U.S. Securities Act"), or
any state securities law, and may not be offered or sold within the
United States.
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 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; and is currently developing a petrochemical
facility to convert propane into polypropylene. 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 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; 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, each for the year ended
December 31, 2019, and in Pembina's
management's discussion and analysis for the three months ended
March 31, 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 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. 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.
View original
content:http://www.prnewswire.com/news-releases/pembina-pipeline-corporation-announces-closing-of-500-million-public-note-offering-301067096.html
SOURCE Pembina Pipeline Corporation