Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX:
PPL; NYSE: PBA) is pleased to announce that it has closed its
previously announced offering of $1.8 billion aggregate principal
amount of senior unsecured medium-term notes (the "Offering"). The
Offering was conducted in three tranches consisting of: $600
million principal amount of senior unsecured medium-term notes,
series 20 (the "Series 20 Notes") having a fixed coupon of 5.02%
per annum, paid semi-annually, and maturing on January 12, 2032;
$600 million principal amount of senior unsecured medium-term
notes, series 21 (the "Series 21 Notes") having a fixed coupon of
5.21% per annum, paid semi-annually, and maturing on January 12,
2034; and $600 million principal amount of senior unsecured
medium-term notes, series 22 (the "Series 22 Notes") having a fixed
coupon of 5.67% per annum, paid semi-annually, and maturing on
January 12, 2054.
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The net proceeds of the Offering are anticipated to be used to:
(i) to fund a portion of the purchase price for the previously
announced acquisition (the "Acquisition") of all of the interests
of Enbridge Inc. in the Alliance, Aux Sable and NRGreen Power joint
ventures and related operatorship contracts; (ii) to repay
indebtedness of the Company under its unsecured $1.5 billion
revolving credit facility; and (iii) for general corporate
purposes.
The Series 20 Notes, the Series 21 Notes and the Series 22 Notes
were offered through a syndicate of dealers under Pembina's
short-form base shelf prospectus dated December 20, 2023, as
supplemented by related pricing supplements dated January 10,
2024.
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 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, or any state
securities law, and may not be offered or sold within the United
States.
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 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 statements
and forward-looking information (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
"expect", "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: the ability to close the
Acquisition, including the timing thereof; the ability to obtain,
in a timely manner, regulatory, stock exchange and other required
approvals in connection with the Acquisition; oil and gas industry
exploration and development activity levels and the geographic
region of such activity; that favourable market conditions exist;
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 the Acquisition and 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 Annual Information
Form for the year ended December 31, 2022 (the "AIF") and
Management's Discussion and Analysis for the year ended December
31, 2022 (the "Annual MD&A"), which were each filed on SEDAR on
February 23, 2023, in Pembina's Management's Discussion and
Analysis dated November 2, 2023 for the three and nine months ended
September 30, 2023 (the "Interim MD&A"), 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.
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 ability of
Pembina and Enbridge Inc. to receive all necessary regulatory
approvals and satisfy all other necessary conditions to closing of
the Acquisition on a timely basis or at all; 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 with
Pembina or one or more of its affiliates; actions taken 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; 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
the AIF, Annual MD&A, Interim MD&A 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. 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. The forward-looking statements contained
in this news release 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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version on businesswire.com: https://www.businesswire.com/news/home/20240112573468/en/
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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