By Cristal Cody
Tupelo, Miss., May 27 – Pembina Pipeline Corp. sold C$500 million of senior medium-term notes (BBB//DBRS: BBB) in two tranches on Tuesday, according to additional details of the offering in final term sheets.
Pembina Pipeline priced a C$100 million add-on to its 3.71% notes due Aug. 11, 2026 at 105.243 to yield 2.749%.
The company originally sold C$500 million of the bonds on Aug. 8, 2016. The total outstanding is now C$600 million.
Also, C$400 million of new 4.67% notes due May 28, 2050 priced at 99.92 to yield 4.675%.
Bookrunners were CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
Pembina Pipeline plans to use the proceeds to repay debt under its $2.5 billion revolving credit facility due May 2024, to fund the company’s capital program and for other general corporate purposes.
The transportation and midstream service provider for the energy industry is based in Calgary, Alta.
| Issuer: | Pembina Pipeline Corp.
|
| Amount: | C$500 million
|
| Securities: | Senior medium-term notes
|
| Bookrunners: | CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
|
| Co-managers: | National Bank Financial Inc., BMO Nesbitt Burns Inc., AltaCorp Capital Inc., MUFG Securities (Canada), Ltd. and J.P. Morgan Securities Canada Inc.
|
| Pricing date: | May 26
|
| Settlement date: | May 28
|
| Ratings: | S&P: BBB
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| Series 7 notes
|
| Amount: | C$100 million reopening
|
| Maturity: | Aug. 11, 2026
|
| Coupon: | 3.71%
|
| Price: | 105.243
|
| Yield: | 2.749%
|
| Call features: | Make-whole call of Government of Canada bond yield plus 65.5 bps before May 11, 2026; thereafter at par
|
| Change-of-control put: | 101%
|
| Total outstanding: | C$600 million, including C$500 million of notes priced Aug. 8, 2016
|
|
|
| Series 16 notes
|
| Amount: | C$400 million
|
| Maturity: | May 28, 2050
|
| Coupon: | 4.67%
|
| Price: | 99.92
|
| Yield: | 4.675%
|
| Call features: | Make-whole call of Government of Canada bond yield plus 89.5 bps before Nov. 28, 2049; thereafter at par
|
| Change-of-control put: | 101%
|
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