All financial figures are in Canadian dollars unless
otherwise noted.
CALGARY, AB, Oct. 14, 2022 /CNW/ - Pembina Pipeline
Corporation ("Pembina" or the "Company") (TSX: PPL) (NYSE: PBA)
announced today its intention to redeem its issued and outstanding
Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares,
Series 23 ("Series 23 Shares") (TSX: PPL.PF.C) on November 15, 2022 (the "Redemption Date").
Pembina intends to redeem all of its 12,000,000 issued and
outstanding Series 23 Shares, in accordance with the terms of the
Series 23 Shares, as set out in the Company's articles of amendment
dated December 16, 2019, on the
Redemption Date for a redemption price equal
to $25.00 per Series 23 Share (the "Redemption Price"),
less any tax required to be deducted or withheld by the Company.
The total redemption price to Pembina will be $300
million.
As previously announced, the dividend payable on November 15, 2022, to holders of the Series 23
Shares of record on October 31, 2022,
will be $0.328125 per Series 23
Share. This will be the final quarterly dividend on the Series 23
Shares. Upon payment of the November 15, 2022, dividend,
there will be no accrued and unpaid dividends on the Series 23
Shares as at the Redemption Date.
The Company has provided notice today of the Redemption Price
and the Redemption Date to the sole registered holder of the Series
23 Shares in accordance with the terms of the Series 23 Shares, as
set out in the Company's articles of amendment dated December 16, 2019. For non-registered holders of
Series 23 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 23 Shares
in which they hold a beneficial interest. The Company's transfer
agent for the Series 23 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 more than
65 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 a growing export terminals business. Through our integrated
value chain, we seek to provide safe and reliable infrastructure
solutions which connect producers and consumers of energy across
the world, support a more sustainable future and benefit our
customers, investors, employees and communities. For more
information, please visit pembina.com.
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 inclusive work
culture.
- 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 news release 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 "should", "may", "intend", "will", "continue", "if", "to
be", "expects", and similar expressions suggesting future events or
future performance.
In particular, this news release contains forward-looking
statements relating to, without limitation, the timing and process
applicable to the redemption of the Series 23 Shares, the expected
source of funds for payment of the total Redemption Price; and the
payment of future dividends on the Series 23 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, 2021
and from time to time in Pembina's public disclosure documents
available at www.sedar.com, 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 and 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 the current and potential adverse impacts of the
COVID-19 pandemic; 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 for the year ended December
31, 2021 and from time to time in Pembina's public
disclosure documents available at www.sedar.com, 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.
Investor Relations, (403)
231-3156, 1-855-880-7404, e-mail:
investor-relations@pembina.com, www.pembina.com
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