CALGARY, AB, Jan. 11, 2021 /PRNewswire/ - Pembina
Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL);
(NYSE: PBA) announced today that it is considering an offering of
hybrid subordinated debt securities under its short form base shelf
prospectus dated December 30,
2020.
If a successful offering is priced and completed, the Company
intends to use the net proceeds of the offering to redeem or
repurchase its outstanding cumulative redeemable minimum rate reset
Class A Preferred Shares, Series 11 (TSX: PPL.PR.K) and its
cumulative redeemable minimum rate reset Class A Preferred Shares,
Series 13 (TSX: PPL.PR.M), to repay other outstanding indebtedness,
as well as for general corporate purposes. There is no certainty
that Pembina will ultimately complete the offering being considered
or as to the timing or terms on which such an offering might be
completed.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy the hybrid subordinated debt
securities in any jurisdiction. The hybrid subordinated debt
securities considered to be offered have not been approved or
disapproved by any regulatory authority. The hybrid subordinated
debt securities have not been and will not be registered under the
United States Securities Act of 1933, as amended, 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 more than 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 evaluating 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 Pembina's consideration of an offering of
hybrid subordinated debt securities and the use of the net proceeds
from any successful offering of hybrid subordinated debt
securities. 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; general economic, market and business
conditions; and the behaviour of financial markets, including
fluctuations in interest and exchange rates, the pricing of
comparable securities and Pembina's credit ratings; and certain
other risks detailed from time to time in Pembina's public
disclosure documents including, among others, 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 and nine months
ended September 30, 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.
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