CALGARY, AB, Feb. 18, 2021 /CNW/ - Inter Pipeline Ltd.
("Inter Pipeline" or the "Company") (TSX: IPL) announced today
that, following the recently announced unsolicited expression of
interest for the Company, the Board of Directors (the "Board") has
initiated a comprehensive review of strategic alternatives to
maximize shareholder value (the "Strategic Review"). The Board has
established a special committee ("Special Committee"), chaired by
Margaret McKenzie and made up of its
independent directors, to oversee the process. TD Securities has
been retained by Inter Pipeline and J.P. Morgan has been retained
by the Special Committee to assist in the Strategic Review.
Acting in the best interests of the Company and its
shareholders, the Board, consistent with its fiduciary duties, will
evaluate a broad range of options, including exploring a possible
corporate transaction, while continuing to seek a partner for a
material interest in the Heartland Petrochemical Complex.
The Company has not set a timetable for the conclusion of the
Strategic Review nor has it made any decisions related to strategic
alternatives at this time. There can be no assurance that the
Strategic Review will result in any transaction or, if a
transaction is undertaken, as to the terms or timing of such a
transaction. Inter Pipeline will provide updates to this process as
appropriate.
Supported by an investment grade credit rating and a focus on
maintaining financial strength and flexibility, Inter Pipeline's
world-scale energy infrastructure business has an attractive and
diversified asset portfolio that generates long-term, predictable
cash flows underpinned by high-quality counterparties and positions
the Company for long-term shareholder value creation.
About Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation and natural
gas liquids processing business based in Calgary, Alberta, Canada. Inter Pipeline owns
and operates energy infrastructure assets in western Canada and is building the Heartland
Petrochemical Complex — Canada's
first integrated propane dehydrogenation and polypropylene
facility. Inter Pipeline is a member of the S&P/TSX 60 Index
and its common shares trade on the Toronto Stock Exchange under the
symbol IPL. www.interpipeline.com
Contact Information
Investor Relations:
Jeremy
Roberge
Vice President, Finance and Investor Relations
Email: investorrelations@interpipeline.com
Tel: 403-290-6015 or 1-866-716-7473
Media Relations:
Breanne
Oliver
Director, Corporate Communications
Email: mediarelations@interpipeline.com
Tel: 587-475-1118
Cautionary Note Regarding Forward Looking Statements
Certain information contained herein constitutes
forward-looking statements and information (collectively,
"forward-looking statements") within the meaning of applicable
securities legislation that involve known and unknown risks,
assumptions, uncertainties and other factors. Forward-looking
statements often contain terms such as "may", "will", "should",
"anticipate", "expects" and similar expressions. Readers are
cautioned not to place undue reliance on forward-looking
statements. Such statements reflect the current views of Inter
Pipeline with respect to future events and are subject to certain
risks, uncertainties and assumptions that could cause Inter
Pipeline's results to differ materially from those expressed in the
forward-looking statements. In particular, but without limiting the
foregoing, this news release contains forward-looking statements
pertaining to, and the Company has made certain assumptions
regarding, among other things: the strategic alternatives to
maximize shareholder value that may be available to the Company and
the Company's ability to identify and consummate
such alternatives; and the Company's ability to create long-term
shareholder value. Factors that could cause actual results to vary
from forward-looking statements or may affect the operations,
performance, development and results of Inter Pipeline's businesses
include, among other things, risks and assumptions associated with
operations, such as Inter Pipeline's ability to successfully
implement its strategic initiatives and achieve expected benefits
therefrom or otherwise be implemented by Inter
Pipeline, including the further development of its
projects and facilities; assumptions concerning operational
reliability; the potential delays of and costs of overruns on
construction projects (including Heartland Petrochemical Complex)
and future expansions of Inter Pipeline's assets; the
possibility that Inter Pipeline is unable to identify or consummate
any acceptable strategic alternatives; the realization of the
anticipated benefits of acquisitions and other projects Inter
Pipeline is developing; the timing, financing and completion of
acquisitions, transactions or other projects Inter Pipeline is
pursuing; risks inherent in Inter Pipeline's Canadian and foreign
operations; risks associated with the failure to finalize formal
agreements with counterparties in circumstances where letters of
intent or similar agreements have been executed and announced by
Inter Pipeline; Inter Pipeline's ability to generate sufficient
cash flow from operations to meet its current and future
obligations; Inter Pipeline's ability to maintain its current level
of cash dividends to its shareholders; Inter Pipeline's ability to
access sources of debt and equity capital; Inter Pipeline's ability
to make capital investments and the amounts of capital investments;
Inter Pipeline's ability to maintain its credit ratings; the
availability and price of labour, equipment and construction
materials; the status, credit risk and continued existence of
counterparties having contracts with Inter Pipeline and its
affiliates and their performance of such contracts; competitive
factors, pricing pressures and supply and demand in the oil and gas
transportation, natural gas liquids processing and bulk liquid
storage industries; increases in maintenance, operating or
financing costs; availability of adequate levels of insurance;
difficulty in obtaining necessary regulatory approvals or land
access rights and maintenance of support of such approvals and
rights; risks of war, hostilities, civil insurrection, instability
and political and economic conditions in or affecting countries in
which Inter Pipeline and its affiliates operate; severe weather
conditions and risks related to climate change; terrorist threats;
risks associated with technology and cyber security; availability
of energy commodities; volatility of and assumptions regarding
prices of energy commodities; fluctuations in currency and interest
rates; changes in laws and regulations, including environmental,
regulatory and taxation laws, and the interpretation of such
changes to Inter Pipeline's business; the risks associated with
existing and potential or threatened future lawsuits and regulatory
actions against Inter Pipeline and its affiliates; general economic
and business conditions; the effects and impacts of the COVID-19
pandemic as further described in Inter Pipeline's reports and
filings, the extent and duration of which are uncertain at this
time, on Inter Pipeline's business and general economic and
business conditions and markets, and such other risk factors,
assumptions and uncertainties described from time to time in Inter
Pipeline's reports and filings with the Canadian securities
regulatory authorities including in Inter Pipeline's most recent
MD&A and Annual Information Form, and other documents it files
from time to time. You can find these documents by referring to
Inter Pipeline's profile on SEDAR (www.sedar.com). Such
information, although considered reasonable by Inter Pipeline at
the time of preparation, may later prove to be incorrect and actual
results may differ materially from those anticipated in the
statements made. For this purpose, any statements that are not
statements of historical fact are deemed to be forward-looking
statements. The forward-looking statements contained in this news
release are made as of the date of this news release, and, except
to the extent required by applicable law, Inter Pipeline assumes no
obligation to update or revise forward-looking statements made
herein or otherwise, whether as a result of new information, future
events, or otherwise. The forward-looking statements contained in
this news release are expressly qualified by this cautionary
note.
SOURCE Inter Pipeline Ltd.