Pembina will skip series 15 preferred share conversion opportunity

Chicago, Aug. 31 – Pembina Pipeline Corp. will not use its redemption right on Sept. 30 for its series 15 cumulative redeemable rate reset class A preferred shares, the company said in a press release.

However, series 15 holders will have the right to convert their shares into series 16 preferred shares on a one-to-one basis on Oct. 3.

Conditionally, there must be 1 million shares of either series remaining after calculating the conversion notices.

The series 15 shares will have a five-year dividend rate starting Sept. 30 at 6.164%.

The series 16 shares will have a three-month resetting dividend rate. The dividend rate from Sept. 30 to Dec. 31 is 6.238%, with quarterly resets at the Government of Canada Treasury rate plus 292 basis points.

Calgary, Alta.-based Pembina Pipeline is a transportation and midstream service provider to the energy industry.

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