Pembina Pipeline Corporation Announces Redemption of Series 22 Preferred Shares
December 09 2024 - 5:01PM
Business Wire
All financial figures are in Canadian dollars unless otherwise
noted.
Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) announced today its intention to redeem its issued
and outstanding Cumulative Redeemable Floating Rate Class A
Preferred Shares, Series 22 ("Series 22 Shares") (TSX: PPL.PF.B) on
January 8, 2025 (the "Redemption Date").
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Pembina intends to redeem all of its 1,028,130 issued and
outstanding Series 22 Shares, in accordance with the terms of the
Series 22 Shares, as set out in the Company's articles of amendment
dated December 1, 2017 on the Redemption Date for a redemption
price equal to $25.50, plus all accrued and unpaid dividends
thereon but excluding the Redemption Date per Series 22 Share (the
"Redemption Price"), less any tax required to be deducted or
withheld by the Company. The total redemption price to Pembina will
be approximately $26 million.
The Company has provided notice today of the Redemption Price
and the Redemption Date to the sole registered holder of the Series
22 Shares in accordance with the terms of the Series 22 Shares, as
set out in the Company's articles of amendment dated December 1,
2017. For non-registered holders of Series 22 Shares, no further
action is required however, they should contact their broker or
other intermediary with any questions regarding the redemption
process for the Series 22 Shares in which they hold a beneficial
interest. The Company's transfer agent for the Series 22 Shares is
Computershare Investor Services Inc. Questions regarding the
redemption process may also be directed to Computershare at
1-800-564-6253 or by email to
corporateactions@computershare.com.
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 Information and Statements
This news release contains certain forward-looking information
and statements (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 "continue", "anticipate",
"schedule", "will", "expects", "estimate", "potential", "planned",
"future", "outlook", "strategy", "project", "trend", "commit",
"maintain", "focus", "ongoing", "believe" and similar expressions
suggesting future events or future performance.
In particular, this news release contains forward-looking
statements relating to, without limitation, the timing, Redemption
Price and process applicable to the redemption of the Series 22
Shares.
The forward-looking statements are based on certain assumptions
that Pembina has made in respect thereof as at the date of this
news release regarding, among other things: oil and gas industry
exploration and development activity levels and the geographic
region of such activity; 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 Management's
Discussion and Analysis and Annual Information Form for the year
ended December 31, 2023 and from time to time in Pembina's public
disclosure documents available atwww.sedarplus.ca, www.sec.gov and
through Pembina's website at www.pembina.com.
Although Pembina believes the expectations and material factors
and assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct. 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; 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 which
Pembina or one or more of its affiliates has entered into in
respect of its business; actions 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; risks
relating to inflation; 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
Pembina's management's discussion and analysis and annual
information form, each for the year ended December 31, 2023, 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.
This list of risk factors should not be construed as exhaustive.
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 speak only as of the date hereof. 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. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
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For further information: Investor Relations (403) 231-3156
1-855-880-7404 e-mail: investor-relations@pembina.com
www.pembina.com
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