CALGARY, Sept. 9, 2019 /PRNewswire/ - Pembina Pipeline
Corporation ("Pembina") (TSX: PPL; NYSE:
PBA) announced today that it has agreed to issue $1.5 billion of senior unsecured medium-term
notes (the "Offering"). The Offering will be conducted in
three tranches consisting of $600
million in senior unsecured medium-term notes, series 14
(the "Series 14 Notes") having a fixed coupon of 2.56% per annum,
paid semi-annually, and maturing on June 1,
2023; $600 million in senior
unsecured medium-term notes, series 15 (the "Series 15 Notes")
having a fixed coupon of 3.31% per annum, paid semi-annually,
and maturing on February 1, 2030; and
$300 million principal amount to be
issued through a re-opening of the Company's 4.54% medium-term
notes, series 13, due April 3, 2049
(the "Series 13 Notes").
Closing of the Offering is expected to occur on September 12, 2019 and the net proceeds are
intended to be used to repay short-term indebtedness of the Company
under its unsecured $1.0 billion
non-revolving term loan due March
2021, as well as to fund Pembina's capital program and for
general corporate purposes.
The Series 14 Notes, Series 15 Notes and the re-opening of the
Series 13 Notes are being 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 September
9, 2019.
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 constructing 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 anticipated
closing date of the offering and 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; 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, 2018, which can be
found at www.sedar.com. In addition, the
closing of the offering may not be completed, or may be delayed, if
the conditions to the closing of the offering are not satisfied on
the anticipated timeline or at all. Accordingly, there is a
risk that the offering will not be completed 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. 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.
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SOURCE Pembina Pipeline Corporation