All financial figures are in Canadian dollars, unless
otherwise noted.
CALGARY, July 26, 2013 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) is
pleased to announce that it has closed its previously announced
public offering of 10,000,000 cumulative redeemable rate reset
class A preferred shares, series 1 (the "Series 1 Preferred
Shares") at a price of $25.00 per
Series 1 Preferred Share (the "Offering") for aggregate gross
proceeds of $250 million. This
includes the previously announced underwriters' option to purchase
an additional 2,000,000 Series 1 Preferred Shares at a price of
$25.00 per share, which was exercised
in full.
The Offering was first announced on July 17, 2013 when Pembina entered into an
agreement with a syndicate of underwriters.
Proceeds from the offering will be used to
partially fund capital projects, to reduce short-term indebtedness
and for other general corporate purposes of the Company and its
affiliates.
The Series 1 Preferred Shares will begin trading
on the Toronto Stock Exchange today under the symbol PPL.PR.A.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy the Series 1 Preferred
Shares in any jurisdiction. The Series 1 Preferred Shares to be
offered have not been and will not be registered under the United
States Securities Act of 1933, as amended, or under any state
securities laws, 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 nearly 60 years. Pembina owns
and operates: pipelines that transport conventional and synthetic
crude oil and natural gas liquids produced in western Canada; oil sands and heavy oil and diluent
pipelines; gas gathering and processing facilities; and, an oil and
natural gas liquids infrastructure and logistics business. With
facilities strategically located in western Canada and in natural gas liquids markets in
eastern Canada and the U.S.,
Pembina also offers a full spectrum of midstream and marketing
services that span across its operations. Pembina's integrated
assets and commercial operations enable it to offer services needed
by the energy sector along the hydrocarbon value chain.
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
"plans", "expects", "proposes", "projects", "will", "estimates",
"anticipates", "develop", "could" and similar expressions
suggesting future events or future performance.
This news release contains certain forward-looking
information and statements that are based on Pembina's current
expectations, estimates, projections and assumptions in light of
its experience and its perception of historical trends. In this
news release, such forward-looking information and statements can
be identified by terminology such as "to be", "expects", "projects"
and similar expressions.
In particular, this news release contains forward-looking
statements and information relating to the planned use of proceeds.
These forward-looking statements and information are being made by
Pembina based on certain assumptions that Pembina has made in
respect thereof as at the date of this document, including: that
favourable growth parameters continue to exist in respect of
current and future growth projects (including the ability to
finance such projects on favourable terms); and that Pembina's
businesses will continue to achieve sustainable financial results.
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; 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 for the year
ended December 31, 2012, which can be
found at www.sedar.com. 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.
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.
Pembina Pipeline® is a registered trademark of Pembina
Pipeline Corporation.
SOURCE Pembina Pipeline Corporation